Once found in science and business parks, primarily in the Golden Triangle of Oxford, Cambridge and London, life sciences has gone beyond the campus into our cities. Life science provision is now part of several urban centres and is bringing some exciting collaborations between local authorities, developers, universities and hospitals. It also represents an opportunity to deliver social value in a variety of ways. Steven Pitchford, Partner at international law firm DAC Beachcroft, looks at how this is shaping up and who is benefitting from this multi-dimensional phenomenon.
- At a macro level, improved health and well-being is at the heart of life sciences and social value is also integral.
- Collaborations between property developers and local authorities, universities and hospitals, is creating an opportunity for long term thinking which can be the backdrop for more patient and sustainable development.
- Life science hubs can be transformative, supporting urban regeneration plans and providing for adjacent communities. Local authorities want better employment opportunities and skills for their residents and life sciences provide a wide range of jobs. Leeds Innovation Park for example is due to provide 4,000 new jobs.
- Urban locations can mean repurposing, an approach that is environmentally and socially responsible and creates new life. Former shops and offices are able to be reinvigorated to provide life sciences space. The Grafton Shopping Centre in Cambridge is being partially demolished for example, to offer life science accommodation and a hotel.
- Much needed housing can also form part of these new urban hubs, suitable for individuals or family groups
- Additional social value can be built in from inception, with diversity and inclusion a key driver. Training for women and a quota of jobs for school leavers are examples of how improved life options can be built in.
- Life science thrives on innovation and facilitates economic and social growth through the support of new start ups with fledgling ideas. Developers and investors can encourage new businesses with lower rents to help incubate their evolution.
- The larger developers and occupiers have sophisticated strategies to contribute to local communities. Life science hubs bring a range of organisations together who can contribute to a community fund, for example, that generates accountability.
In what is and will continue to be a fast developing sector, social value will be delivered by life sciences from a wide range of sources. What is clear is that the continued growth of life sciences real estate will require flexible thinking from all parties.
