Buccleuch Property and Wrenbridge have sold Nova, which is located to the south of Oxford City centre, to IM Properties for £21.5m on a forward commitment basis.
The move comes shortly after the partners secured planning for a 43,572 sq ft mid-tech life sciences development, with works expected to start on site in the coming weeks. Parkway has been appointed as a contractor to deliver the scheme, the completion of which is planned for December this year.
The CMP Architects-designed scheme will comprise offices, surface-level loading bays, self-contained yard and parking. The building will target EPC A+ and BREEAM Outstanding ratings and include solar panels and electric vehicle charging alongside landscaping and wellbeing features.
John Hammond, UK investment director at IM Properties, said: “This is a perfect asset for us to invest in and make an entry into the life sciences and Oxford-Cambridge Arc market. It offers a best-in-class specification aligned to our sustainable future’s goals to develop a socially responsible investment portfolio alongside partners who are equally committed to creating buildings built for the future.”
Stonehill and Partners acted for Buccleuch and Wrenbridge; Springer Nicolas acted for IM Properties.
Colliers International and Carter Jonas are leasing agents on the scheme.
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