Oxford Properties Group and Pioneer Group have unveiled plans to convert Victoria House in Bloomsbury Square, central London, into a state-of-the-art life sciences hub.
The joint venture partners intend to convert 220,000 sq ft of the Grade II listed building’s 300,000 sq ft internal area into Grade A wet lab-enabled life sciences space. Victoria House will also offer 80,000 sq ft of office, amenity, meeting and retail spaces, with an eighth floor club lounge and roof terrace overlooking central London.
The project has secured full planning approval and the partners have leased space in the building to the BioIndustry Association – the trade association for UK life sciences – for its new home.
Conversion works are already underway and the first phase, which will provide 190,000 sq ft of lab-enabled space including a fully fitted incubator and grow-on space, will complete in autumn 2024. The project is on track to achieve BREEAM Excellent and an EPC A rating.
Abigail Shapiro, head of life sciences and residential, Europe, at Oxford Properties, said: “The conversion of Victoria House is a unique opportunity to deliver one of the largest life sciences conversion projects in central London to date. We will give this iconic building a new lease of life by creating state-of-the-art lab space through a highly sustainable redevelopment which avoids the environmental impact of a new-build scheme.
“Given Victoria House’s central location and proximity to many educational and medical establishments, as well as investment capital targeting research and development in the sector, it provides the perfect ingredients for the creation of a new life sciences hub. By converting the space, we gain significant speed to market advantages to deliver critically needed lab space, all in a building and location that will provide an exceptional employee experience.
“The lease to BIA, the voice of the UK’s life sciences industry, is an important validation of our vision that Victoria House will become one of the preeminent life sciences hubs in London, and we look forward to working with Pioneer Group to achieve that goal.”
Richard O’Boyle, CEO of Pioneer Group, added: “This announcement is an important milestone for our plans with Oxford Properties at Victoria House. London is a renowned global life sciences hub and together we look forward to joining and supporting the local community by not only meeting growing demand from life sciences organisations that seek the ideal combination of amenities and location to attract talent and drive the future of scientific discovery, but also by creating strong, long-term relationships with local organisations working to maintain London’s unique identity as a major player on the international stage.
“Victoria House will be a premium offering which help further our goal of helping homegrown and international businesses solve the greatest unmet medical and healthcare needs of our time.”
Steve Bates, CEO of the BioIndustry Association, said: “The UK has a prominent life sciences sector which is developing extraordinary science and delivering world changing products and services that will be transformational to our future lives. I truly believe that this innovation and pace is only sustainable if you create a stimulating and nurturing environment where companies at all stages of development can meet, network and collaborate.
“The aims of Victoria House and for the London life sciences sector are very exciting, which is why I wanted the BIA to be based there. The space is fantastic and the advantages it offers to the UK industry is going to be incredibly attractive to start-ups and established companies alike.”
