Legal & General teams up with Bruntwood to launch a groundbreaking £360 million venture in the science and technology sector. This strategic partnership aims to drive growth across UK regions.
The Bruntwood SciTech venture promises to expand its assets significantly, boosting the UK’s knowledge economy and creating around 20,000 jobs over the next decade.
The Genesis of a Landmark Partnership
The recent collaboration between Legal & General and Bruntwood is a significant stride in the UK’s science and technology landscape. The partnership, hailed as the most substantial science and technology property alliance in the UK, involves a robust £360 million investment into the newly formed entity, Bruntwood SciTech. The strategic investment is expected to propel the UK’s knowledge economy forward.
The alliance is not merely financial; it offers a fusion of Bruntwood’s extensive property expertise with Legal & General’s financial clout. This blend aims to create an ecosystem where science and technology enterprises can flourish. By expanding its asset base from 1.3 million sq ft to over 6.2 million sq ft in a decade, Bruntwood SciTech is poised to support up to 20,000 new jobs.
The effort focuses primarily on existing assets, with keen attention directed towards the ‘Northern Powerhouse’ and ‘Midlands Engine’ regions. This regional focus highlights the commitment to revitalising the UK’s northern and midland areas and harnessing untapped potential.
Leadership Steering the Vision
At the helm of this transformative venture is Phil Kemp, the Chief Commercial Officer at Bruntwood, who has assumed the role of CEO for Bruntwood SciTech. Chris Oglesby, Bruntwood’s CEO, serves as the Chair, ensuring strategic oversight and direction. Their leadership is instrumental in driving the growth envisioned by this massive undertaking.
Bruntwood SciTech’s leadership team is a conglomeration of experts in science and technology development. Among them are Thomas Renn, Dr Chris Doherty, and Dr David Hardman MBE, who each bring a wealth of experience and knowledge to this ambitious project.
Supporting them are operational directors like Kate Lawlor, Finance Director, and Peter Crowther, Property Director. These professionals are pivotal in executing the vision and operationalising the strategic goals set by the board.
Ambitions Rooted in Regional Development
This venture is not just about numbers; it’s a mission to rejuvenate regional economies through science and technology. A key objective includes developing flagship assets and projects across Manchester, Birmingham, Leeds, as well as key locations like Alderley Park in Cheshire.
Liverpool also emerges prominently in their strategic plans, aiming to leverage its potential within the science and technology sectors. This planned regional expansion signifies a deep-rooted commitment to nurturing innovation across the UK’s cities.
With more than 500 existing businesses in its portfolio, Bruntwood SciTech sets the stage for both digital start-ups and life sciences companies to thrive. This wide-ranging business mix provides a robust foundation for sustainable growth and innovation.
Strategic Focus and Economic Impact
The partnership, according to Chris Oglesby, aims to create thriving cities by engaging knowledge-based enterprises that can start and scale within this new ecosystem. This focus is crucial for driving UK economic growth, ensuring the nation remains competitive on a global scale.
Nigel Wilson from Legal & General echoes this sentiment, stressing the necessity of ongoing investments to bolster UK regional cities. He highlights the role of science and technology in job creation and economic revitalisation.
The strategic foresight brought by the board, including John Cummins and Rachel Dickie of L&G, ensures that the initiative is both ambitious and realistic. Their experience in urban regeneration and clean energy is integral to the project’s success.
Expert Advisors and Collaborative Efforts
A consortium of experts advises this partnership, ensuring robust backing for its ambitious agenda. Experts like Graham Barnes and Colin Thomasson from CBRE bring a wealth of knowledge to the table, providing critical insights and recommendations.
Legal & General also benefits from advisory support through Savills, EY, and CMS. These collaborations highlight the partnership’s commitment to excellence and its reliance on top-tier expertise.
This multilateral advisory framework ensures that Bruntwood SciTech is equipped to tackle the vast scale of its development commitments. By drawing on the strengths of these firms, the partnership can efficiently navigate the complexities of large-scale projects.
Towards a Bright Future for UK Science and Technology
With the formal establishment of Bruntwood SciTech, the UK stands on the cusp of a new era in science and technology development. This venture promises not just economic benefits, but also significant contributions to technological innovation and societal progress.
By nurturing a fertile environment for science and technology, Bruntwood SciTech is positioned to significantly impact the economic landscape over the next decade. It builds upon existing strengths and explores new frontiers.
As this partnership unfolds, its potential to transform the UK’s regions into hubs of innovation becomes increasingly evident. The trailblazing vision brought forth by this collaboration inspires confidence and optimism for the future.
The Role of Leadership and Future Prospects
With a management team adept in steering large-scale projects, Bruntwood SciTech is well-positioned to realise its extensive roadmap. The leadership’s commitment to fostering innovation is unwavering.
As outlined, the firm’s future prospects are promising. By leveraging both Bruntwood and Legal & General’s expertise, the project seeks to create a sustainable and thriving ecosystem for science and technology businesses.
The collaboration between Bruntwood and Legal & General stands to redefine the UK’s science and technology landscape through strategic investments and regional focus.
As Bruntwood SciTech grows, it is poised to make substantial contributions not only to the economy but also to technological advancement and job creation.