Southwark Council has approved the planning application for Snowsfields Quarter, a cluster of new buildings creating space for life sciences near London Bridge.
The estimated £350m project will create long-lasting benefits including new community spaces, job opportunities, and encouraging engagement in science, health and wellbeing and contributes to the London Growth Plan which aims to boost productivity growth in the capital by 2 per cent per year, creating 150,000 new jobs by 2028.
It will provide specialist commercial research and development facilities right next-door to Guy's Hospital, and sit within SC1 London - South Central London’s health and life sciences innovation district, which aims to create a transformative health and life sciences ecosystem dedicated to innovation, creative partnerships and to improve life and health for communities.
The council’s Local Economy team has played a leading role in encouraging Life Sciences businesses to come to the area since the borough helped to set up SC1.
The council’s decision means £2.7 million in planning obligations will be paid by developers in the local area including over £400,000 in S106 funds for improvements to Guy Street Park. The community will benefit from over £500,000 for environmental works to a neighbouring estate as well as S106 funds and obligations to deliver a new comedy club at an affordable rent – with current operators Hoopla Impro secured as the tenant, who will get a new paid for venue.
Plans are projected to create 890 jobs and generate nine times more economic activity on the site. There will be three new buildings across the site, from Snowsfields to Crosby Row.
Cllr Helen Dennis, Cabinet Member for New Homes and Sustainable Development said:
"I’m delighted that we’ve been able to give the go-ahead for the Snowsfields Quarter which will deliver new opportunities and innovation as part of the SC1 district.
“This kind of ambitious project is not just about new buildings, but creating opportunities locally, and it encompasses so much of what we want to encourage as a borough – driving innovation, sustainability, and careers in a place that puts health and wellbeing at its heart.
“As a council we will continue to offer our support as these plans become a reality, and we welcome the benefits and contributions Snowsfield Quarter will bring.”
Professor Graham Lord, SC1 Co-Chair, Senior Vice-President, Health & Life Sciences at King's College London said:
“We welcome the approval of plans for Snowsfields Quarter. This development of world class facilities, within the SC1 London Health and Life Sciences District, supports our shared ambition to drive medical innovation and inclusive health. Alongside our shared work to create life sciences talent pipeline for the future of life sciences across the district, the plans also have the potential to deliver not just better health but inclusive growth for our local and London wide communities.”