Huge demand for commercial lab and office space at Newcastle's Biosphere means private sector investment is now being sought to take the lead on expanding the the North East's £1.7bn life science eco-system.
Located at Newcastle Helix, The Biosphere 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.
The Biosphere is now home to more than 25 life science businesses and features a specialist lab facility tailored to commercialisation of life sciences, providing biology and chemistry laboratories and office space.
Councillor Nick Forbes, leader of Newcastle City Council 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."
Now, the North East Local Enterprise Partnership (NELEP) is providing funding for Newcastle City Council, to develop a business case that will go to market later this year. With the support of Newcastle Gateshead 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. The North East of England's regional life science eco-system employs around 7,000 professionals in almost 200 companies, who operate globally from the region.
Jen Hartley, director at Invest Newcastle, 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," she said.