on Thursday, 21 September 2023.
The Covid pandemic, turbulent politics and price increases in the last few years have been the catalyst for rapid change across several sectors.
Businesses have been forced to review their overheads and requirements to occupy commercial premises, specifically the need to pay rent and other outgoings for prime central London office space.
By way of example, recent months have seen the likes of HSBC announce exit plans from Canary Wharf. The financial district however is proving to be one of the leading examples in demonstrating how flexibility can ensure resilience through periods of rapid change, repurposing premises to fit the needs of other industries, such as the Life Sciences sector, which is in short supply of and in need of space.
Planning consent has been granted by Tower Hamlets Council for a unique 23-storey vertical campus at the North Quay site in the heart of Canary Wharf. The site consists of 3.3 hectares of land to develop an 823,000 sq. ft tower for life sciences and biotech laboratories and work spaces. Once the projected £500 million project is complete, it will seek to house a mixture of biotech start-ups, academics and more established pharmaceutical companies.
Development is already underway with this being the first of its kind as a 'vertical' campus in the life sciences industry and promises to be the most technologically advanced facilities in this sector in Europe. The development is a joint venture between Canary Wharf Group and Kadans Science Partner which will enhance the existing and fast developing life sciences community in Canary Wharf.
We had heard from our esteemed peers at the 2023 PING Conference hosted by VWV in June this year that there is the presumption of a lack of space within the industry. However, in actual fact, as we heard at the Conference, there are exciting opportunities all over the country for further space to be created for needs throughout the supply chain - from R&D to GMP space. Even more exciting is the opportunity to create ecosystems for pharmaceutical businesses to flourish. This new vertical campus is exactly the step in the right direction to assist Canary Wharf's set-up as a hub for the life sciences sector and to diversify beyond its traditional core market of finance.
Property regeneration is occurring rapidly across Canary Wharf with thousands of residential flats being built in the area as it seeks to attract residents as well as businesses. This further creates a natural setting for people within the industry to set-up, work and live, being able to have access to the facilities already established within the Golden Triangle and beyond.
Shobi Khan, CEO of Canary Wharf Group, commented: “This is a significant milestone in our development of a world-class life sciences hub at Canary Wharf. While the North Quay development is an integral focal point, we have been working in tandem to nurture and grow our current life sciences community and we have built real momentum this year through leasing success and working with our partners Kadans to develop bespoke and innovative new facilities. The next chapter in the evolution of Canary Wharf is well underway with the next generation of health and life science companies set to become a significant presence in our sustainable, mixed-use environment.”
Michel Leemhuis, CEO of Kadans Science Partner, added: “In addition to its scale, location and technology, this building sets a new benchmark in its field for sustainability, capitalizing on our previous experience and lessons learned, while engaging industry working groups to ensuring we are delivering a facility tailor-made to industry requirements. With planning consent secured, we are looking forward to continuing the extraordinary progress we are making with the Canary Wharf Group.”