Developers Oxford Properties and Reef Estates are preferred development partners for the delivery of the 300,000 sq ft Snowsfields Quarter scheme.

The developers will bring forward world-class lab facilities across three new buildings to create a health innovation cluster at a site adjacent to the Guy’s campus in SE1.

The sale of a long-term leasehold of the site to Oxford will complete subject to achieving planning permission for the project.

Oxford Properties and Reef will work with a design team including UrbanR, Perkins and Will and DSDHA to draw up plans for the site, with a planning application due to be submitted to Southwark Council in due course.

The Foundation is a charitable organisation with an endowment worth nearly £1bn in assets including land and property, and a mission to support greater health for all.

The organisation works closely with Guy’s and St Thomas’ NHS Foundation Trust but it is independent from it.

Snowsfields Quarter will be the Foundation’s second life sciences-led scheme in the area, with the nearby Royal Street site under development with partners Stanhope and Baupost Group.

Abby Shapiro, Head of Life Sciences, Europe at Oxford Properties, said: “We’re extremely proud to have been selected by Guy’s & St Thomas’ Foundation to turn Snowsfields Quarter into a world-class life science innovation and growth hub.

“Snowsfields Quarter is in the heart of a life science cluster that features a global top 10 research university in King’s College London, the leading clinical trials of Guy’s and St Thomas’ NHS Foundation Trust as well as the Cell and Gene Therapy Catapult.

“Our plans will help strengthen this already significant ecosystem and, by delivering high-quality commercially available lab space, and ensuring that the London Bridge cluster can retain and grow the successful ventures that emanate from these institutions which have previously had to relocate to other parts of London or out of the city altogether.”