£200million redevelopment project in Oxford to address lab shortage

By Stephen Emerson

17 March 2022

Share

The Business Magazine article image for: £200million redevelopment project in Oxford to address lab shortage

The shortage of suitable laboratory in Oxford is to be eased by a new £200 million partnership between Oxford Science Enterprises and Lothbury Property Trust.

The companies will collaborate on developing high specification lab and supporting office space tailored toward early stage life science business sector.

Initially the partnership will focus on redeveloping the 30,000 sq ft, Clarendon Centre into a research and development facility.

A recent audit of Oxford office space by property consultant, VSL show that 50% of Oxfordshire office space is utilised by labs. Demand is still believed to outstrip supply ten fold.

Read more - Laboratories account for half of Oxford's rented office space

The Lothbury led plans for the four Clarendon buildings in central Oxford, also include provision for student accommodation, offices, retail outlets and restaurants as well as the much sought after lab facilities. Developers hope work can commence this year but planning permission has not yet been secured.

Alexis Dormandy, CEO Oxford Science Enterprises, said: “There is an acute shortage of laboratory and office space that meets the specific requirements of early-stage life science companies in Oxford.

"This new venture with Lothbury supports our strategy to be a comprehensive science business builder, not only providing investment backed by strategic and operational expertise, but also essential R&D space to nurture our companies’ growth in the early stages of development. "

Simon Radford, CEO Lothbury Investment Management Limited added: “This is a milestone investment for Lothbury, which has owned the Clarendon Centre since its inception in 1985 and brings Lothbury's investors into the new and exciting life science and biomedical sectors for real estate.”

By Stephen Emerson

Stephen Emerson is the Managing Editor of The Business Magazine and is responsible for the publication's print publications and online properties including the newly launched Biz News websites in Hampshire and Dorset.

Stephen has been a journalist for 20 years and has worked at local, regional and national publications and led a team which made The Scotsman website one of the fastest growing news sites in the UK with over eight million monthly users.

He has a keen interest in technology, property and corporate finance and telling the stories of the people behind the successful firms in these sectors.