Manchester’s Oxford Road Corridor is set to witness a groundbreaking development as Citylabs 2.0 secures a significant £18.5 million loan.
This strategic move is poised to elevate Manchester’s role in the global biomedical sphere, leveraging its already vibrant innovation ecosystem.
Introduction to Citylabs 2.0
The Manchester Science Partnerships have secured an £18.5 million loan to advance Citylabs 2.0, a future-focused biomedical project.
Citylabs 2.0 is designed to expand upon the success of Citylabs 1.0, offering cutting-edge laboratory and office facilities spanning 92,000 square feet, with completion envisaged in 2019. It sits within the vibrant Oxford Road Corridor, a renowned innovation district in Manchester.
Strategic Partnerships and Collaborations
A collaborative effort between the Manchester Science Partnerships and Bruntwood, Citylabs 2.0 is a testament to strategic partnerships. Manchester University NHS Foundation Trust is also a pivotal partner, ensuring streamlined access to clinical trials and validations.
Bruntwood, as the majority shareholder, plays a crucial role in the development, underlining the facility’s importance to both the local and wider healthcare ecosystem.
Ambitions and Objectives
“At Citylabs 2.0, we are striving to establish a hub of global biomedical innovation and discovery,” stated Tom Renn, Managing Director of MSP. This ambition drives the project’s expansion efforts.
The facility aims to cater to the increasing demands of biomedical and precision medicine companies worldwide wishing to expand in Greater Manchester.
Greater Manchester’s facilities are set to become a gateway to healthcare entrepreneurs, supported by a devolved £6 billion healthcare budget, esteemed universities, and a highly skilled workforce.
Importance of the Development
Citylabs 2.0, alongside Citylabs 3.0, represents a significant strategic investment in the North West of England, offering a major expansion to Europe’s largest clinical-academic campus.
This development is set to provide state-of-the-art laboratory workspaces for health and medical technology enterprises, focusing on rapid advancement in predictive and preventative medicine.
Locating firms within Citylabs 2.0 allows them to co-create and develop new health products in collaboration with the NHS and academic research institutions.
Financial Aspects of Citylabs 2.0
Funding includes a £12.5 million investment from Evergreen 2, marking the first major loan facility from a £45 million fund, supported by the European Regional Development Fund programme.
The remaining funds are sourced from the North West Evergreen Fund, allocated to cover construction, professional fees, and other related expenses.
This substantial financial backing underscores the confidence placed in Citylabs 2.0’s vision and potential impact on the healthcare landscape.
Citylabs 2.0 at MIPIM
The project garnered attention at the MIPIM international real estate conference in Cannes, France, where it was announced as part of a presentation on the evolution of the Citylabs campus.
The international exposure provided by MIPIM aids in highlighting Citylabs’ progressive plans to a global audience.
This unveiling of Citylabs 2.0 is strategically aligned with Manchester’s ambitions to become a leader in biomedical and health technology innovation.
Conclusion on Citylabs 2.0’s Impact
Citylabs 2.0 is set to reinforce Manchester’s status as a health tech hub, poised for major advancements in the biomedical field.
By pioneering developments such as Citylabs 2.0, Manchester strengthens its position as a key player in the biomedical sector, fostering innovation and collaboration.
The project not only promises state-of-the-art facilities but also reinforces Manchester’s commitment to advancing the healthcare industry. Investors and partners show great confidence in this transformative initiative.