£46m loan for refurbishment of the Riverlabs life science campus

Overview

Provided a £46 million loan to real estate asset manager and investor, Global Mutual, to begin phase 1 of the retrofit development works of the Riverlabs life sciences campus in Ware, Hertfordshire. The site is in the heart of the UK’s life sciences Golden Triangle bordered by Oxford, Cambridge and London.

Phase 1 involves the refurbishment of a single c.90,000 sq. ft building. This facility is currently a high-specification single-occupier laboratory building originally constructed by GlaxoSmithKline in 2014. Comprising laboratory and write-up spaces over three floors, the sustainable, low-carbon retrofit, which is targeting EPC A on completion, will create flexible and adaptable units with low onward operating costs ranging from 5,000 sq. ft to 90,000 sq. ft. The space will appeal to a wide range of occupiers from R&D and manufacturing organisations to biotech and pharmaceutical ventures. The site also boasts amenities including a sports club with tennis courts, a cricket pitch, a 5-a-side pitch, and water-based activities, alongside green spaces and a 700-space car park.

Hertfordshire is home to a dense network of research centres, healthcare providers, medical charities, SMEs, and industry leaders, all within a compact and well-connected area.

A key aspect of the development works involves the replacement of fossil fuel usage with complete electrification of the site. The projected carbon savings from this retrofit are expected to exceed 75% versus a comparable new-build and will facilitate carbon-neutral operation upon completion. 

The works are scheduled to complete in Q3 2025.

Figures are subject to rounding.