Puma Property Finance has provided a £46 million loan to real estate asset manager and investor, Global Mutual, to begin phase 1 of the retrofit development works of the Riverlabs life sciences campus in Ware, Hertfordshire. The site is in the heart of the UK’s life sciences Golden Triangle bordered by Oxford, Cambridge and London.

Phase 1 involves the refurbishment of a single c.90,000 sq. ft building. This facility is currently a high-specification single-occupier laboratory building originally constructed by GlaxoSmithKline in 2014. Comprising laboratory and write-up spaces over three floors, the sustainable, low-carbon retrofit, which is targeting EPC A on completion, will create flexible and adaptable units with low onward operating costs ranging from 5,000 sq. ft to 90,000 sq. ft. The space will appeal to a wide range of occupiers from R&D and manufacturing organisations to biotech and pharmaceutical ventures. 

The site also boasts amenities including a sports club with tennis courts, a cricket pitch, a 5-a-side pitch, and water-based activities, alongside green spaces and a 700-space car park. 

Hertfordshire is home to a dense network of research centres, healthcare providers, medical charities, SMEs, and industry leaders, all within a compact and well-connected area. 

A key aspect of the development works involves the replacement of fossil fuel usage with complete electrification of the site. The projected carbon savings from this retrofit are expected to exceed 75% versus a comparable new-build and will facilitate carbon-neutral operation upon completion. 

The works are scheduled to complete in Q3 2025.

This will be Puma’s second life sciences development having previously provided a £21 million acquisition loan to private investor, Greyarc Investments, to fund the acquisition of an 88,000 sq. ft. office building in Oxford Business Park in May 2024.

Jonathan Hawkes, Senior Business Development Advisor, Riverlabs commented:

“The start of work on site marks a shift in momentum at Riverlabs and is the start of a transformation which will further enhance the existing ecosystem, fostering innovation and interaction in a vibrant campus setting within the bustling, thriving town of Ware.

“Riverlabs provides exceptionally high-spec’d R&D facilities at the most affordable cost currently available within the ‘Golden Triangle’. A unique proposition within a life sciences market which is typically characterised by enormous occupational costs, for both companies and their employees. The extensive existing specification and infrastructure at Riverlabs facilitates a huge breadth of occupier type, removing the need for compromise and expensive additional works. Additionally, Ware and the surrounding Hertfordshire towns not only provide an accessible and beautiful location for staff to live but, critically, a more affordable and available one, particularly when compared with the high cost of housing in London and Cambridge.”

Rahul Malde, Director, Puma Property Finance, commented:

“We are delighted to be partnering with Global Mutual on the Riverlabs life sciences development. It represents a unique opportunity to deliver exceptionally high-quality laboratory accommodation in the heart of the Golden Triangle at an affordable price point for prospective occupiers. The wider estate continues to be anchored by GSK which has maintained a significant presence in this location for over 50 years, making it a critical hub for research, development, manufacturing and distribution with access to an already established and highly skilled labour pool.”