Aviva PLC (LSE:AV.) and developer Socius have unveiled a new research and residential development at the London Cancer Hub (LCH) in Sutton, London.
As part of the project, Aviva and Socius will develop for sale a five-hectare site adjacent to Royal Marsden Hospital and Institute for Cancer Research comprising one million square feet of research, treatment and innovation spaces.
Flats and amenities for local people and visitors will also be part of what is described as one of London’s most significant regeneration projects.
LCH is already ranked as Europe’s number one site for cancer research and treatment, with the new development expected to contribute £1.2 billion to the UK economy, in business rates to Sutton and create 13,000 jobs in health, science, education and construction.
A planning application is expected late in 2024.
Charlotte Jones, Aviva’s chief financial officer, said: “Aviva is investing significantly in critical areas of the UK economy such as housing, green energy and healthcare.
“The London Cancer Hub will provide world-class cancer research and bolster the UK’s ambition to be a leader in the Life Sciences sector.”
Councillor Ruth Dombey OBE, leader of the London Borough of Sutton, said: “This announcement shows the scale of our ambition and our determination to put Sutton on the map.
“The Council has secured highly credible partners and after much work it will position Sutton as a global centre of science excellence.”