Geldards has played a major role in the acquisition of a new five-story building in Nottingham for life sciences business incubator BioCity.
The new £30m facility will be located adjacent to BioCity’s current premises on Pennyfoot Street and will create a further 51,000 sq ft of office, laboratory and conferencing space.
“Geldards should take real pride in the role the firm played in making it a reality."
BioCity was named by Nottingham City Council as preferred bidder for the scheme some months ago, and Geldards were retained to negotiate the complex transactional terms with the Council. The Agreement for lease was exchanged on 10 August, and it is anticipated that the facility will be completed in spring 2017.
The firm simultaneously represented BioCity in relation to negotiations with Sygnature Discovery Ltd, an independent drug discovery company that will take 33,000 sq ft of space when construction of the building is completed.
David Watson, the lead partner in Geldards’ Nottingham real estate team, led the firm’s real estate, infrastructure & construction and commercial teams on the project.
David explained: “This was an extremely complex transaction which required the close collaboration of a number of the firm’s specialist legal teams to ensure the deal progressed and completed within a very tight time schedule.
“We’re delighted to have been involved in a project that plays a fundamental role in the city’s Growth Plan and further underlines Nottingham’s reputation as one of the UK’s fastest-growing life science communities.”
Once completed, the facility will help to bring more life science employers to Nottingham and create and safeguard around 250 specialist bioscience jobs, with 700 more created expected to be created over a 30-year period.
Director of BioCity Nottingham, Toby Reid said: "This was a complicated, multifaceted deal. Bringing it to a suitable conclusion required patience, perseverance and pragmatism in equal measure. The team at Geldards demonstrated these 3 traits in abundance and allied them with sound commercial and legal advice. The input of the whole team was instrumental getting this deal done.
"We believe that this is a significant step up for Sygnature Discovery, for BioCity and a really exciting opportunity for all our companies, for the sector locally and even for the wider Nottingham City economy. Geldards should take real pride in the role the firm played in making it a reality."
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