A medical research firm has agreed a new property deal for a former supermarket site in Birmingham which will significantly expand its presence in the city.
Binding Site has signed a 15-year lease to take 97,932 sq ft of space at the Broadway building at Five Ways island.
The deal will see the old ground-floor Tesco, which closed in 2015, reconfigured to create new production laboratory space while four other floors will contain offices.
The agreement also includes 300 on-site parking spaces where new electric vehicle charging points will be installed.
Work to reconfigure the building is expected to begin in the autumn for the company to move in early next year.
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Binding Site, which will retain its current headquarters in nearby Calthorpe Road, provides specialist diagnostic products to clinicians and laboratory professionals worldwide for the diagnosis and management of blood cancers and immune system disorders.
It researches, develops, manufactures and distributes tests used for their detection and now has a direct presence in more than 25 countries, employing around 1,100 people worldwide including more than 700 in Birmingham.
The news of this property deal comes just days after it was crowned Company of the Year by our sister paper the Birmingham Post at its 2021 Business Awards.
Chief financial officer Mark Culwick said after the ceremony on Tuesday that the company was about to embark on an expansion plan which could see it create up to 350 new jobs in the city.
Speaking about this latest deal, he 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.”
Broadway was acquired in 2014 by Birmingham-based property group SevenCapital since when it has renovated the building to create more than 200 apartments and welcomed budget chain The Gym Group to the site. The agreement with Binding Site means it is now fully let.
Senior director Simon Dicken added: “This is a significant lease agreement with a business we’re very proud to have on board.
“Binding Site plays 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 capacity for future work and projects.”