Life Science REIT has completed a new lease with Infleqtion, a quantum technology business, for 7,500 sq ft of fully fitted space at the 69,700 sq ft Innovation Quarter at Oxford Technology Park.
Infleqtion is the third quantum technology business to take space at OTP.
The deal was agreed in March and will see the group pay an annual rent of £337,365, or £45 per sq ft – a record rent on the park. The lease is for 10 years, with a break clause and rent review at the end of the fifth year.
It is the third letting at the Innovation Quarter and the first letting of fully fitted space at OTP.
Ian Harris, director of asset management at Ironstone Asset Management, Life Science REIT’s investment adviser, said: “Infleqtion is a great addition to OTP where we are successfully building a cluster of AI, quantum computing and technology businesses.
“This letting demonstrates the appeal of the fully fitted concept and positions us for a roll out elsewhere at the IQ, extending the depth of the offering at OTP, which can now cater to a range of demand from start-ups and scale-ups, to well established, global science and technology businesses.”
In its recent interim results, Life Science REIT said it was under offer or in advanced negotiations on £3.2m of rental deals, which it expects to capture by March 2025. Following this, and a deal with existing occupier Pro Cam UK at Cambourne Park, some £2.9m of that rent remains outstanding to capture.
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