Oxford City Council has approved the regeneration scheme proposed in the west of the city known as Oxpens.
The development comprises up to 979,236 sq ft of commercial space alongside 234 one- and two-bedroom flats, of which 50% will be affordable, 258 student rooms and a 250-bedroom hotel.
The planning permission also covers enabling works involving the re-contouring of ground levels as part of a flood mitigation strategy, along with drainage, biodiversity improvements and demolition works.
OxWED, a joint venture between Nuffield College and Oxford City Council, has brought forward the proposals and has appointed Savills to explore the potential sale or development partnership options for the site. The scheme is expected to hit the market later this year.
The gross value added to Oxford’s economy from new employment at Oxpens is estimated at up to £280m per year.
Kevin Minns, managing director at Minns Estates, which provided development management services to OxWED, said: “Oxpens is arguably the most important regeneration opportunity in the city today, and it has taken a lot of hard work by a large number of very talented people to get to this point.
“This area of Oxford, with its rich history of community and industry, is now set for major regeneration, bringing with it new homes, new jobs, new commercial space, public space and a whole new riverside neighbourhood for everyone in Oxford to enjoy.”
Image from OxWED
Send feedback to Evelina Grecenko
Follow Estates Gazette
