Stanhope and Cadillac Fairview have been confirmed as development partners for St John’s College’s £700m Oxford North project, which seeks to create a new innovation district in Oxford.
The joint venture will be 50% owned by the college’s development arm, Thomas White Oxford, and 50% by Cadillac Fairview and Stanhope. Stanhope has also been appointed as development manager.
The company, called Oxford North Ventures, will invest nearly £700m to deliver 939,000 sq ft of laboratory and workspace to enable “life enhancing discovery”, along with amenities, infrastructure and social value.
The board will consist of Bernard Taylor, chairman, and William Donger, chief executive at Thomas White Oxford; Jenny Hammarlund, managing director, head of Europe, at Cadillac Fairview; and David Camp, chief executive at Stanhope.
Outline consent for the 64-acre masterplan was granted in March last year by Oxford City Council, as well as detailed consent for the first phase of new laboratories and workspace, which will total 170,000 sq ft. Enabling infrastructure works started in August 2021.
The overall scheme will include 480 new homes, of which a minimum of 35% will be affordable. Thomas White Oxford has already entered into an agreement with Hill Group to deliver circa 318 of those homes, the first public park and new streets on Canalside.
Taylor said the jv partners were selected “following two years of careful work”.
He added: “Oxford North will have a very positive impact on people’s lives. For us, it is about investing responsibly in society and seeking a return for all on that investment so that Oxford North is recognised as a ‘must go to’ home for science and innovation within a wonderful new district with an exemplar approach to sustainable and low-carbon development.”
Donger said: “We warmly welcome our new development partners to deliver in a timely way one of the world’s most significant innovation districts.
“Demand for lab and science translation space in Oxford is at record levels with restricted supply. Conversations with pioneering science and technology companies seeking such space have already started.
“This also means that we can continue to maximise opportunities for local people with school and college engagement, provide construction apprenticeships for school leavers and graduates and upskill those people looking to be part of this exciting industry.”
Hammarlund said: “As we grow our investment portfolio across Europe, the life sciences sector is a strategic focus for Cadillac Fairview.
She added: “Through this globally ambitious project, we will foster relationships with the UK’s world-leading life sciences sector, including educational institutions, hospitals, the research community, and the commercial ecosystem, while building a sustainable community where innovation can thrive.”
Camp said: “Stanhope has over 25 years’ experience creating places and fostering communities in the UK and this has allowed us to develop a blueprint for sustainable development which is of paramount importance for all involved in this exciting project.
“As development manager we are committed to ensuring that Oxford North delivers the highest quality public open space and buildings, and has a positive impact for all.”
The project is the second joint venture between Cadillac Fairview and Stanhope, following Cadillac Fairview’s acquisition of White City Place last year, which Stanhope continues to asset manage.
Cadillac Fairview is the real estate arm of the Ontario Teachers’ Pension Plan.
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