CHAMPIONS of plans for a £1 billion expansion of the BioQuarter healthcare and life sciences complex in Edinburgh have set out to breathe fresh life into the project amid the uncertainty caused by the coronavirus.
Management at the BioQuarter unveiled proposals for a dramatic expansion of the complex early this year only to find the spread of the Covid-19 coronavirus raised huge questions about the future for commercial property markets.
READ MORE: Expansion plan to put Edinburgh BioQuarter on global stage
However, the public sector organisations behind the BioQuarter announced yesterday that they have formally launched the process to recruit a private sector player with the clout to help them to deliver the expansion plan.
This is expected to result in a big increase in scientific and commercial activity at the BioQuarter and the addition of homes and leisure facilities that will help encourage people to work on and invest in the site.
The BioQuarter is home to the Edinburgh Royal Infirmary, Edinburgh University’s medical school, research facilities and innovative life sciences businesses.
Minister for Trade, Investment and Innovation Ivan McKee said the planned expansion was one of the most exciting investment and collaborative opportunities available.
He added: “It will have far-reaching benefits for investors, local communities and global health innovators alike, which will be all the more important as we plan our economic recovery from Covid-19.”
The partners in the BioQuarter are The University of Edinburgh, City of Edinburgh Council, NHS Lothian and Scottish Enterprise.
They have filed a prior information notice (PIN) alerting the market that they expect to launch a procurement process within 12 months. PINs form part of procurement processes involving public sector bodies that are completed under European Union regulations.
The transition period following the UK's formal exit from the European Union is due to end on December 31.
READ MORE: We can get an EU deal but momentum is needed, says Johnson
Plans for the expansion of the BioQuarter were due to be presented to international investors at the MIPIM property industry event in Cannes in March. The event was put on hold following the spread of the coronavirus and is now due to be held in Paris in September.
The estimate of the development value of the BioQuarter expansion has been increased to £1bn from £750m since February.
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