The Binding Site, the leading UK provider of specialist immunodiagnostic assays and instrumentation, has agreed a 15-year lease with SevenCapital to take nearly 9,098 sq m (97,932 sq ft) of floorspace within its Broadway building at Five Ways, Birmingham.
This is a significant expansion for the business, which is headquartered on Calthorpe Road in Edgbaston and is a key organisation within the West Midlands’ growing life sciences sector.
Binding Site will maintain its current headquarters and expand its central operation across six floors within the Broadway building, which was previously occupied by Tesco and HMRC. The lease also includes 300 on-site parking spaces.
The agreement will see the former Tesco space on the ground floor reconfigured into a large production laboratory facility, whilst the four floors immediately above will remain as commercial office space.
As well as increasing the capacity for manufacturing there will also be an expansion of research and development to support the Birmingham Post’s 2021 Company of the Year award winners’ world leading diagnostic tests.
Mark Culwick, chief financial officer for Binding Site said: “The Broadway space will support significant expansion in production capacity as well as the development of new products to allow us to better service our customers and their patients. Over time we expect the site to support the creation of hundreds of new jobs too. It is ideally located both close to our existing HQ and with excellent public transport links to allow us to maintain our sustainable expansion. SevenCapital have been extremely supportive of the unique requirements for a medical diagnostic business and are supporting the provision of new electric car spaces as part of the redevelopment.”
Simon Dicken, senior director at SevenCapital added: “This is a significant lease agreement with a business we’re very proud to have on board. Binding Site play an incredibly important role within the medical diagnostics and wider life sciences sector not just in the UK but globally and I’m very pleased we’ve been able to provide the incremental space they need to be able to expand their operation and, as such capacity for future work and projects.”
Work to reconfigure the ground floor into laboratory space is expected to begin in the Autumn and Binding Site expects to start to occupy the fully renovated facilities from early 2022.
Binding Site joins existing tenants The Gym Group at Broadway, along with more than 200 residential apartments on the upper floors. The lease also means that Broadway is now fully let.
Broadway is one of five developments delivered by SevenCapital to transform the Five Ways area over recent years. The company also developed No1 Hagley Road, build to rent development The Lansdowne, the four-star Park Regis Hotel and the almost completed St Martin’s Place.