A rallying call will be made at the world’s biggest property conference for private investors to help the expansion of Newcastle’s life sciences sector.
Invest Newcastle will next week lead a delegation of public and private organisations to Mipim, a four-day real estate event taking place in Cannes, France.
The group will showcase a number of North East developments, including Newcastle Helix and its successful Biosphere building – amid hopes that private investment can be attracted to build additional Biosphere buildings.
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The call-out comes amid huge demand for commercial lab and office space at the Biosphere, which was launched in 2019 as a publicly-funded project led by Newcastle City Council. It represented a significant investment for the local economy and showed a clear commitment to life sciences growth.
A specialist lab facility tailored to commercialisation of life sciences, providing biology and chemistry laboratories and high-quality office space, the Biosphere is now home to more than 25 dynamic and innovative life science businesses.
Last month the director of Invest Newcastle, Jen Hartley, said the city needs a number of new buildings at Newcastle Helix to help new firms locate their businesses here, as well as allow existing companies to scale up.
She said: “There is already huge interest in the North East as a leading UK location in which to invest, develop or locate, and our time at Mipim will be spent talking with influential investment and real estate delegates from across the world about opportunities that exist in Newcastle, and at the same continuing to promote the wider region and its strengths.
“The Biosphere has created jobs, supported graduate retention and further enhanced our global reputation as a hotspot for life science businesses. Securing private investment will be critical to the growth of the sector.”
Newcastle City Council leader Nick Forbes said: “Almost three years on from its opening, the Biosphere is a widely recognised success story and quite simply, there is currently more demand for lab space at the Biosphere than can be accommodated. It will be encouraging for any potential investor to know that a strong pipeline made up of existing businesses wanting to grow, alongside inward investors looking for city centre commercial lab and office space, has already been identified.
“The health and life science cluster is a big employer in the city and a key part of the future economy of Newcastle city centre; we’re ambitious, and looking for a private investor to share the ambition to be a leading international location for innovation in the sector.”
The North East LEP is providing funding for the council to develop a business case on expanding facilities at Helix.
With the support of NewcastleGateshead Initiative and Invest Newcastle, the aim is to secure a private sector investor to lead the project and create further city centre commercial lab and office space for spinouts, start-ups, growing and established companies to complement the provision already in place.
Andrew Moffat, chair of the investment board at the North East LEP, said: “The health and life sciences sector in the North East is a major growth area for our economy, and through the delivery of the North East Health, Life Sciences and Medicines Manufacturing Strategy, we hope to double the number of jobs and double the number of businesses active in the sector by 2030.
“The success of the first Biosphere building, which received £8.6m from the North East LEP’s Local Growth Fund, can give investors’ confidence that demand exists in our region for more world-class facilities that enable innovative start-ups to scaleup and grow.
“The North East LEP continues to invest in the region’s health and life science sector, and we’re pleased to support Newcastle City Council’s bid to expand The Biosphere.”
The North East’s regional life science eco-system employs around 7,000 professionals in almost 200 companies, who operate globally from the region.
Luke Dunnett, property manager at The Biosphere said: “The undoubted success Biosphere has had means the spotlight is on the city as a location where life sciences organisations can thrive and grow.”
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