Mitsui Fudosan has confirmed plans to deliver the £1.1bn extension of the British Library in London, which will see circa 600,000 sq ft of new life sciences space created.
In addition to the commercial space, the extension, which was granted planning consent in July 2024, will create around 100,000 sq ft of new library spaces for culture, learning, research and business, including expanded galleries and business support facilities.
The development is due to be delivered by 2032 and, under the terms of the agreement, the British Library will grant a long lease of the land to development partner SMBL.
The project team comprises development manager Stanhope, architects RSHP and engineers Arup.
Takeshi Iwama, chief executive of Mitsui Fudosan UK, said: “I am delighted to confirm the development of the British Library extension project. It represents a major milestone in the evolution of an exceptional opportunity. We are proud to be investing in the expansion of one of the UK’s most important cultural institutions, as well as continuing to work with community organisations in Camden to ensure that the benefits from this high-profile investment are experienced as much at the local level as they are nationally and internationally.
“Our development commitment represents what we believe to be one of the largest single real estate investments into London by a Japanese company to date. We have already acquired significant expertise in the life sciences sector across Japan and the US over almost a decade and will be bringing this to the British Library extension development, our first in this sector in Europe.
“We are confident that the new commercial space at the heart of the King’s Cross Knowledge Quarter – and designed by leading international architectural practice RSHP and engineers Arup – will encourage some of the world’s most ambitious and successful life sciences companies to invest in the UK by the early 2030s. I would like to thank The British Library for its generous help and support over many years in getting this project over the line. We believe it can now be delivered with minimum disruption to the library’s services and activities and with minimum impact on those living and working close to the site.”
Rebecca Lawrence, chief executive of the British Library, added: “I am delighted to announce this significant milestone in our bold ambition to transform the British Library. Our partnership with Mitsui Fudosan will enable us to fulfil our long-held vision to extend the library’s site in St Pancras. The plans will open up the library even further, creating an expanded national library with state-of-the-art new spaces, harnessing the power of collaboration to build a new public realm linking communities and the Knowledge Quarter and deliver significant investment in the UK.
“We look forward to working with philanthropists, our partners and community to create a groundbreaking new hub for science, innovation and knowledge that will welcome future generations of visitors, learners, researchers and budding entrepreneurs.”
David Camp, CEO of Stanhope, said: “Mitsui Fudosan’s decision to fund the British Library extension is both a major milestone for the project and a strong endorsement of the London property market. The 600,000 sq ft of commercial space will be flexible enough to suit a broad range of occupiers who will want to be located at the British Library, adjacent to King’s Cross St Pancras and The Francis Crick Institute and at the heart of the Knowledge Quarter.
“This has been one of the most complex projects in pre-development, with many twists and turns over seven years since SMBL’s selection by the British Library. Getting here has required patience, skills and teamwork between our team at Stanhope, Mitsui Fudosan, the British Library and neighbours such as The Francis Crick Institute as well as the local community and TfL. Our thanks to them all for their cooperation. We now move on to full delivery mode and so our partnership with British Library will continue and we look forward to starting on site next year.”
