Mitsui Fudosan, a Japan-based real estate company, through its UK subsidiary, has announced it will provide £1.1bn ($1.42bn) to the British Library extension project in London.
Set for completion in 2032, this initiative marks Mitsui Fudosan’s first lab and office development in the UK.
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The project proposal was approved by Camden Council in July 2024.
Located in the King’s Cross area, the development will feature new public library spaces spanning 100,000ft² and amenities, as well as 600,000ft² of added office and lab facilities.
The site is strategically positioned adjacent to key transport hubs, including three major railway stations and the King’s Cross St Pancras London Underground Station.
King’s Cross has seen extensive redevelopment since the 2000s, becoming a tech company hotspot with Google’s new UK HQ.
The region’s transport links and proximity to leading academic and research institutions have also made it an attractive location for pharmaceutical companies.
The Golden Triangle, which includes the King’s Cross/St Pancras Knowledge Quarter, Cambridge, and Oxford, meanwhile, is a centre for life sciences and AI technology.
The development in this market will offer a variety of amenities, enhancing its appeal to businesses in these sectors.
As part of the development, Mitsui Fudosan will also contribute to the public by redeveloping vacant land on the British Library’s estate, ensuring integration with the existing library and creating a space for the community.
The project’s design is being led by RSHP, an architectural company, with Arup responsible for engineering. Stanhope, a domestic property company, has been appointed as the development manager for the project.
Mitsui Fudosan UK CEO Takeshi Iwama said: “I am delighted to confirm the development of the British Library extension project. It represents a major milestone in the evolution of an exceptional opportunity.
“We are proud to be investing in the expansion of one of the UK’s most important cultural institutions, as well as continuing to work with community organisations in Camden to ensure that the benefits from this high-profile investment are experienced as much at the local level as they are nationally and internationally.
“We are confident that the new commercial space at the heart of the King’s Cross Knowledge Quarter – and designed by leading international architectural practice RSHP and engineers Arup – will encourage some of the world’s most ambitious and successful life sciences companies to invest in the UK by the early 2030s.”
