Oxford Science Enterprises, the Science Business Builder and preferred investment partner of the University of Oxford, has entered into a joint venture with the Lothbury Property Trust to develop high-specification laboratory and office space, for early-stage life science businesses, in the heart of Oxford city centre.
The 30,000 sq ft R&D space is part of a proposed £200 million redevelopment of the Clarendon Centre. Led by Lothbury, the redevelopment is expected to begin in 2022, pending the requisite approvals. On completion, expected during 2024, the R&D space will provide an ideal environment for fast-growing life science companies, including those founded by Oxford Science Enterprises. In addition to R&D facilities, plans for the overall 250,000 sq ft site include creating space for student accommodation, offices, retail outlets and restaurants.
In Oxford, demand for laboratory space is approximately ten times greater than existing supply. With more than 100 companies in its portfolio, Oxford Science Enterprises has an ever-increasing requirement for specialist laboratory and office space. The redevelopment of the Clarendon Centre will significantly increase Oxford Science Enterprises’ existing 55,000 sq ft footprint in and around Oxford and enhance its ability to provide its companies with the essential facilities needed to grow and thrive.
Alexis Dormandy, CEO Oxford Science Enterprises, said: “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.”
Simon Radford, CEO Lothbury Investment Management Limited added: “This is a milestone investment for Lothbury, which has owned the Clarendon Centre since its inception in 1985 and brings Lothbury's investors into the new and exciting life science and biomedical sectors for real estate. The joint venture with Oxford Science Enterprises is the first letting within a comprehensive redevelopment project, which is planned to be implemented on a phased basis. The proposed development will comprise four highly sustainable buildings, bringing office, lab, and student accommodation into the heart of Oxford city centre.”