The site will include creating space for student accommodation, offices, retail outlets and restaurants
Oxford Science Enterprises has entered an agreement with Lothbury Property Trust to develop a high-specification laboratory and office space. It will provide state-of-the-art research and development facilities in the heart of Oxford city centre.
The 30,000 square ft R&D space is part of a proposed £200m redevelopment of the Clarendon Centre. The redevelopment is expected to begin in 2022, pending approvals.
The demand for laboratory space in Oxford is approximately ten times greater than the existing supply.
Alexis Dormandy, CEO of Oxford Science Enterprises, commented: “There is an acute shortage of laboratory and office space that meets the specific requirements of early-stage life science companies in Oxford. This new venture with Lothbury supports our strategy to be a comprehensive science business builder, not only providing investment backed by strategic and operational expertise, but also essential R&D space to nurture our companies’ growth in the early stages of development.”
“We believe that the city centre location will prove attractive to new companies and allow fledgling biotechs access to state-of-the-art facilities while remaining close to the University, its entrepreneurs and academics. This is an exciting evolution of the space and city centre, bringing new life and opportunities to the high street and local businesses,” he added.
In addition to R&D facilities, plans for the overall 250,000 square ft site include creating space for student accommodation, offices, retail outlets and restaurants. The development is expected to be completed in 2024 and the R&D space will provide an ideal environment for fast-growing life science companies, including those founded by Oxford Science Enterprises.
Simon Radford, CEO of Lothbury Investment Management, explained: “The proposed development will comprise four highly sustainable buildings, bringing office, lab and student accommodation into the heart of Oxford city centre.”
With more than 100 companies in its portfolio, Oxford Science Enterprises has an ever-increasing requirement for specialist laboratory and office space.
