A former library building at Harwell Science and Innovation Campus has been acquired in a major deal.
The Library has been sold by Midlands-based developer the Deeley Group to Harwell Science and Innovation Campus – a (50:50) joint venture between the UK Atomic Energy Authority (UKAEA), STFC and Canadian asset management company Brookfield Asset Management.
The building is currently let by Nuvia Group, a subsidiary of Vinci Construction Group, until May 2024.
Deeley Group acquired the 2.2 acre site and a 35,000 sq ft building in 2004 from the UKAEA, however the authority retained the freehold on the site.
Since acquiring the property, Deeley Group has invested £4.5 million to transform the 1950s library into high-quality offices which it has retained in its investment portfolio.
The Group subsequently went on to develop more offices and business units, Lumen House and The Terrace on land adjacent to The Library.
Eleanor Deeley, joint managing director of the Deeley Group, added: “This is a great deal for the Deeley Group, the UKAEA, STFC and Brookfield. This brings to a close our near two decade commitment to furthering the development of Harwell.
“With less than two years remaining on the occupational lease we were considering our next steps with the property and our landlords were keen to reacquire The Library from us.
As a group, we are proud of the work we have done since 2004 to develop land at Harwell and transform The Library from a building in danger of demolition, into modern, high quality office space.”
Andrew Brazier, development consultant at the Deeley Group, said: “Harwell Science and Innovation Campus is at the heart of pioneering research in the UK. We’re pleased to have been able to complete a deal with UKAEA, STFC and Brookfield which will bring the property back under joint venture ownership and contribute to its continued evolution in the life sciences sector.”
Stuart Grant, Chief Executive at Harwell Science and Innovation Campus, said “At Harwell we have one of the most ambitious campus investment plans in the world, and we’re delighted to have brought the Library building into the portfolio. Acquiring the Library building will help us to further realise our vision, developing science-ready, research and development space for organisations at the forefront of scientific research.”
The joint venture has acquired both The Library and the adjacent properties
Harwell is the UK’s leading science and innovation campus where government, academia and industry uniquely work together to solve the critical problems facing our planet.
PICTURE CAPTION: Peter Deeley (Joint Managing Director, Deeley Group), Paul McSweeney (Senior Director – Investment at ARC), Andrew Brazier (Development Consultant, Deeley Group) and Jim Stretton (Chief Finance and Operating Officer at Harwell Campus).