The Department of Health and Social Care is buying the land in east London for £77 million.
Barts Health NHS Trust had previously announced the plans to develop the under-used land, which includes the former outpatients department and dental hospital.
Predicted benefits of the planned development include:
- new treatments being available to patients faster
- the creation of thousands of jobs
- attracting an estimated £11 billion of outside investment to the borough
The trust is also looking to confirm plans for 168 homes for NHS staff through a planning consent agreement with a neighbouring development.
Health Minister James O’Shaughnessy said:
This innovative project has unlocked surplus NHS land and allows us to unleash a major life sciences investment into east London.
The project won’t just allow researchers and entrepreneurs to benefit. It will help NHS patients access new diagnostics and treatments more quickly and 168 homes for NHS staff will also be provided.