British Land Company PLC (LSE:BLND) is set to open several factory-made life science labs in London’s Canada Water in late May with a new research facility also planned for the site in London's Docklands.
Some 30,000 square feet of lab space has already been created using the factory-built units from Premier Modular in east Yorkshire, British Land said, though the new, prospective facility could be up to 300,000sq ft.
“The challenge with the UK is that lots of people are talking about life sciences but if you ask for availability of lab space in London in 2023, there is still a chronic shortage,” project co-head Emma Cariaga said.
“The modular campus allows for some immediate solutions and time for us all to evaluate where growth is going forward,” she added, hinting more pre-built labs could be installed, alongside the new centre.
Taking just nine months to build, British Land anticipates between six and ten start-ups could rent the new labs, boosting London's life science sector.
The new research centre will be designed by Stanton Williams, and have space for wet labs, different chemicals and other research and development facilities.
FTSE 100-listed British Land sold a 50% stake in the ‘Canada Water Masterplan’ to an Australian pension fund last week for £290mln to accelerate the rollout of the lab space.