The Crown Estate, Oxford Science Enterprises and Pioneer Group have signed an exclusive long-term life sciences mandate.
Under the deal, all future developments acquired by OSE will be delivered through Pioneer and financed by the Crown Estate.
The move is expected to build on the success of the trio’s collaboration earlier this year, which saw the Crown Estate committing £125m to help OSE and Pioneer turn a former Debenhams in Oxford into labs.
The site changed hands in a £32m deal with DTZ Investors, which acts on behalf of Strathclyde Pension Fund. The plan was first revealed by EG in January.
The partners have now appointed Perkins & Will as architects to design the scheme prior to its submission to the local council’s planning committee later this year. The redevelopment is set to retain the original 126,000 sq ft building without any additional massing proposed on the site.
The new facility is expected to be biology-focused and provide a wide range of spaces from single bench to fully fitted floorplates.
Richard O’Boyle, chief executive of Pioneer Group, said: “We are forming a long-term partnership with OSE and the Crown Estate to help grow and nurture a sustainable life sciences ecosystem for Oxford. Building facilities that are located in the right place, built to the right specification, designed to be as sustainable as possible and most importantly, being part of the local community is critical to the success of any innovation ecosystem.”
Hannah Milne, managing director for regional at the Crown Estate, said: “This partnership will allow us to help create an environment in which the science, technology and innovation sectors can thrive across the country, while having an impact on the UK’s economic prosperity.”
Earlier this week, the Crown Estate, a business which sits between the public and private sectors, outlined the potential to invest as much as £1.5bn in the life sciences sector over the next 15 years, starting with multi-stakeholder projects around Oxford and Cambridge.
OSE was founded in 2015 with an ambition to found, fund and build for businesses in deep tech, life sciences and health tech, in partnership with University of Oxford. The company invests about £1.4bn a year in university spin-outs.
Meanwhile, Pioneer’s stated aim is to help life sciences and high-tech businesses thrive by providing real estate, venture building and venture investment. The firm manages over £1bn of real estate, over 4m sq ft, in 12 locations across the UK and Ireland.
Photo © Savills
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