Kings Hall Life Sciences Park in Belfast, Northern Ireland
An opportunity to invest in the regeneration of Kings Hall Life Sciences Park. This project is a significant economic driver in the life sciences sector and it's already attracted government funding.
This is a £100 million proposition within South Belfast, within the neighbourhood of Queens University, an establishment known for its focus on research.
The campus is home to the Cancer Research Institute, Centre for Neuroscience Studies and the Cardiac, Circulation and Respiratory Group for Northern Ireland.
Capital investment - real estate
(Greener buildings, Healthcare and life sciences, Real estate, Science & innovation)
Octopus Real Estate and Benmore Healthcare Developments
£100 million GDV
Detailed planning obtained
Time to Final Investment Decision (FID):
Sector and market opportunity
The UK has a unique eco-system in the life sciences and health innovation spaces. Being so close to Queens University, the location of this opportunity project is ideal.
There’s strong interest in the life sciences sector in Northern Ireland, an area that’s proven to be resilient and is expected to experience healthy growth over time.
Northern Ireland is unique because it still has tariff-free access to both the UK and European Union.
The opportunity is in Belfast, Northern Ireland’s capital city. It’s set in the neighbourhood of Queens University, a Russell Group establishment with impressive research and academic credentials.
The site is served by excellent infrastructure.
Kings Hall Life Sciences Park is a 5-minute walk from the nearest train station. By car, the heart of Belfast city centre is just 10 minutes away, Belfast City Airport is a 20-minute drive and Dublin city centre is under 2 hours.
Belfast also has the highest availability of superfast broadband in the UK and the fastest direct broadband link from Europe to North America.
Local talent and skills
Belfast is an attractive business environment, a place that should provide demand for the life sciences sector, as well as a vibrant labour talent pool.
About 61% of all jobs in Northern Ireland are in Belfast. The country has a young and vibrant population, with 53% of the population aged under 40.
There are 2 two world-leading universities in Belfast; over 73% of their research is deemed world leading or internationally excellent.
Belfast also has 2 two hospitals, each with considerable R&D opportunities.
Already, over 70% of companies choose to reinvest in Northern Ireland and it’s already home to more than 1,100 international investors, including Allstate, Citi, Seagate, Spirit Aerosystems, and FinTrU.
Research and expertise
The project has already attracted funding from the public sector through the Northern Ireland Investment Fund. This public funding helps to de-risk the investment opportunity by enabling provision of site wide infrastructure.
There’s already great interest in the site from occupiers, with 1,858 square metres/20,000sqft of space sold to an investment company.
Diaceutics, a world leader of precision data analytics, has occupied 929 square metres/10,000 square feet. Transactions have been completed for a 32-bed assisted living complex, a retirement living complex and a nursery facility for 100 children.
Environmental, social and governance (ESG) highlights
With its focus on life sciences, this project will greatly contribute to the health and wellness industry in Northern Ireland.
The project is also targeting a BREEAM rating of excellent and an EPC rating of A.
Promoters and partnerships
Octopus Real Estate is a well-known specialist real estate investor that has a £2 billion portfolio and interests in 80 health and care related properties across the UK.
Benmore Healthcare Developments is a locally-based development company and part of the Benmore Group, which has wide multi-sector experience, especially in Northern Ireland.
CBRE NI are the project promoter’s adviser on real estate matters and Belfast City Council is the local planning authority.
Local and national government support
The project has already secured funding from the Northern Ireland Investment Fund, launched to provide finance for commercial property, regeneration and low carbon projects in Northern Ireland.
This source of funding helped to deliver enabling infrastructure for this project.
The replacement of European related funding by the UK could also provide additional opportunities for financing.
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