Aviva to develop £1bn Sutton cancer hub with Socius
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Aviva and developer Socius have been selected as preferred bidder to develop a £1bn cancer research and treatment facility at the London Cancer Hub in Sutton, London.
The aim is to create a “state of the art” life science district dedicated to research and treatment of cancer. If completed, the London Cancer Hub will deliver major social and economic benefits including 13,000 “highly skilled jobs” in health, science, education and construction, according to the firms
The deal marks the latest commitment from Aviva Capital Partners, the insurer’s in-house capital unit which originates infrastructure assets using Aviva group capital.
Charlotte Jones, Aviva’s chief financial officer, said the hub will provide “world-class cancer research” and bolster the UK’s ambition to be the leader in the life science sector.
She added: “Aviva is investing significantly in critical areas of the UK economy such as housing, green energy and healthcare. We are using our capital to generate long term income for our customers and help the UK to grow.”
Barry Jessup, managing director of Socius, called the move “a once in a generation opportunity to deliver a sustainable campus for excellence in cancer research”.
Aviva and Socius will partner with landowner the London Borough of Sutton and work closely with the Institute for Cancer Research, London, the Royal Marsden NHS Foundation Trust and Epsom & St Helier University Hospitals NHS Trust on the multi-phase development, which consists of a 1m square foot life sciences district on a five-hectare site.
Councillor Ruth Dombey OBE, leader of Sutton Council, said the centre will bring many benefits to Sutton and the rest of the UK through the creation of “high quality jobs, education opportunities and space for growing businesses”.
She added: “It will also make Sutton home to an internationally recognised centre for the treatment and cure of cancer, discovering new drugs and most importantly, saving lives.”
Socius describes itself as an impactful developer with a £2bn development pipeline across major UK towns and cities including Bristol, Brighton, Cambridge, Milton Keynes and London.
In July, Aviva Capital Partners announced a joint venture with Moda Living to create 1,000 build-to-rent apartments in Birmingham.
The life science sector is gaining traction among investors. In August, UBS Asset Management received approval to create one of Europe’s largest life science campuses in Stevenage with developer Reef Group.
What are the risks of investing in such an ambitious project?
