Global Mutual has commenced Phase One retrofit development works of a 90,255 sq ft former GSK laboratory at its 28-acre Riverlabs life science campus in the Golden Triangle.
Comprising laboratory and write-up spaces over three floors, the sustainable, low carbon retrofit, which is targeting an EPC A rating on completion, will create flexible and adaptable units ranging from 5,000 sq ft to 90,255 sq ft.
Global Mutual is partnering with development finance partner Puma Property Finance to enable the phased transformation of the Riverlabs campus. To date, Puma has provided a £46m loan to enable the regeneration of the whole campus.
Morgan Lovell and Baker Hicks, which are both part of the Morgan Sindall Group, are undertaking the works, which are scheduled for completion in Q3 this year.
Jonathan Hawkes, senior business development adviser at Riverlabs, said: “The start of work on site marks a shift in momentum at Riverlabs and is the start of a transformation which will further enhance the existing ecosystem, fostering innovation and interaction in a vibrant campus setting within the bustling, thriving town of Ware.
“Riverlabs provides exceptionally high-spec’d R&D facilities at the most affordable cost currently available within the Golden Triangle. A unique proposition within a life sciences market which is typically characterised by enormous occupational costs, for both companies and their employees. The extensive existing specification and infrastructure at Riverlabs facilitates a huge breadth of occupier type, removing the need for compromise and expensive additional works.
“Additionally, Ware and the surrounding Hertfordshire towns not only provide an accessible and beautiful location for staff to live but, critically, a more affordable and available one, particularly when compared with the high cost of housing in London and Cambridge.”
Nigel Wild, business development manager at Morgan Lovell, added: “Together with Global Mutual and sister company Baker Hicks, we’re delivering a state-of-the-art science and research facility at Riverlabs that is flexible, future-ready and meets tenant needs today and tomorrow.
“It demonstrates the incredible results that can be achieved when industry leaders work together. Located in the heart of the Golden Triangle, Hertfordshire’s thriving science and research community is the perfect home for this exciting development, and we’re thrilled to play a part in shaping its future.”
Rahul Malde, director at Puma Property Finance, said: “We are delighted to be partnering with Global Mutual on the Riverlabs life sciences development. It represents a unique opportunity to deliver exceptionally high-quality laboratory accommodation in the heart of the Golden Triangle at an affordable price point for prospective occupiers.
“The wider estate continues to be anchored by GSK which has maintained a significant presence in this location for over 50 years, making it a critical hub for research, development, manufacturing and distribution with access to an already established and highly skilled labour pool.”
