Clearbell acquires 85 Gray’s Inn Road
Clearbell Property Partners III LP (Clearbell), a fund managed by Clearbell Capital LLP, today announces the acquisition of 85 Gray’s Inn Road from the Benesco Charity, located in London’s ‘Knowledge Quarter’.
The asset is a 28,000 sq ft office building set across five floors and situated just south of King’s Cross in London Midtown, the area is known as the ‘Knowledge Quarter’ as it is home to over 100 academic, research and scientific institutions.
Clearbell has acquired 85 Gray’s Inn Road to meet the needs of the growing life sciences industry in the UK, and to help address current supply constraints, particularly for wet labs. Clearbell plans to repurpose the existing space to create lab-enabled space and ancillary offices for immediate occupation from the growing life sciences community. The project will complete by mid-2022.
85 Gray’s Inn Road is located close to a number of renowned life science institutions, including the Francis Crick biomedical research institute, University College London, the Wellcome Trust headquarters, and Great Ormond Street hospital. The life sciences community in the area is set to grow in the coming months and years, with the opening of the Dementia Research institute due in 2024, and pharmaceutical company MSD planning to create £1bn of R&D space opposite King’s Cross station.
Joseph Bridger, Investment Director at Clearbell Capital, said:
“The life sciences sector is set for a boom in the coming years. As the industry continues to mature, private and public sector investment should increase rapidly – particularly following high-profile successes like the AstraZeneca and Oxford COVID-19 vaccine.
London’s Knowledge Quarter will continue to be the epicentre for life sciences activity in the UK. We are excited to be creating much-needed space for the sector in a prime location and providing high-quality accommodation for occupiers moving into their next stage of growth.”
Clearbell was advised by Knight Frank and Creative Places. Benesco Charity was advised by Metrus.