Legal & General will extend University of Oxford’s Begbroke Science Park into a neighbouring 14-acre site.
The first phase of the scheme will bring forward new teaching facilities for the universities mathematical, physical and life sciences departments, as well as providing space to incubate spin-out companies.
Future phases will also seek to develop 2,000 new homes, with a mix of affordable tenures and subsidised key worker accommodation.
The Begbroke innovation district forms part of L&G’s £4bn partnership with the University – Oxford University Development (OUD). The wider masterplan for Begbroke will include a ‘live/study/work’ environment, with a hotel, restaurant, bars, cafes, shops, educational, community and sports facilities.
L&G has already partnered universities on £2bn of projects this year alone, including ID Manchester and its first development for the OUD partnership, the £200m Life and Mind Building.
L&G Capital CEO Laura Mason said: “The life sciences and health sectors have never been more important. New schemes like Begbroke will help the UK continue to lead the way and ensure future health emergencies can become just health events.”
Dr David Prout, Oxford’s pro-vice chancellor, said: “It will provide much needed expansion space for academic research and also for University spinouts and commercial collaborators. It will double the amount of space in the Science Park and form the first phase of a larger commercial, academic and residential development.”
