EG quotes Louise Ward on the lack of supply of quality life sciences real estate
Industry experts have urged the government to devise a solution that will boost life sciences-related real estate development across the UK’s key regions.
Louise Ward, Partner, comments for EG:
"The ongoing lack of supply of life sciences real estate, particularly for “start-up” and “grow-up” companies, continues to be a major stumbling block to the UK’s ambitions to be a scientific superpower by 2030.
“Traditional real estate developers have taken time to adjust their models away from the long-favoured FRI lease, backed by a strong covenant, and are only more recently starting to build the much-needed incubators and smaller footprints that aspiring life science operators need. But more needs to be done.
“Young companies that have not yet had a major breakthrough are unlikely to offer the security that would previously have been required, and nor do they have either the finance or the expertise to fit out a lab.
“The industry needs to continue to support these fledgling companies by building more small, fully fitted labs and making them available on flexible terms, perhaps with shared equipment and other facilities. Only then can those companies grow to be the strong covenant that the market so desires, and in turn provide the much-needed boost to the economy that the government is targeting.”
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