Global real estate giant Mitsui Fudosan has committed to invest £1.1 billion in the extension of the British Library in London.
The development deal also includes construction of new commercial spaces for the life sciences sector as well as public realm on library-owned land to the north of the existing Grade 1 building.
Stanhope will be the development manager for the project, with designs by RSHP and Arup.
Plans include the creation of 100,000 sq ft of new library spaces for research, expanded galleries and business support facilities, as well as a full-height foyer and new public entrances.
Around 600,000 sq ft of commercial space will be built, complementing London’s Knowledge Quarter, opening up the library across three sides and connecting it to Somers Town and St Pancras.
Under the terms of the agreement, the British Library will grant a long lease of the land to SMBL, its development partner, with the next stage comprising detailed design.
As part of the agreed restructuring of the investment partnership, SMBL will now become fully owned by Mitsui Fudosan with Stanhope continuing its development manager role.
Construction apprenticeships will also be created, with initial works due to begin by next year.
The extension, granted permission by Camden Council in July 2024, is currently set to be delivered by 2032.
“This has been one of the most complex projects in pre-development, with many twists and turns over seven years since SMBL’s selection by the British Library,” said David Camp, CEO of Stanhope.
“Getting here has required patience, skills and teamwork between our team at Stanhope, Mitsui Fudosan, the British Library and neighbours such as The Francis Crick Institute as well as the local community and TfL.”
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