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Life Science REIT announces new lease for Oxford Ionics at technology park

5 December 2023
The Business Magazine article image for: Life Science REIT announces new lease for Oxford Ionics at technology park

University spinout Oxford Ionics Ltd has increased its presence at the Oxford Technology Park (OTP) by letting 29,661 sq ft at Building 6A, which will become its new headquarters.

Real estate investment group Life Science REIT said the company, a pioneer in quantum computing, will pay an annual rent of £593,220 or £20 per square foot (psf) for ten years with a break clause and rent review at the end of the fifth year.

READ MORE: Oxford Technology Park filling space with new lease announcement

Previously, Oxford Ionics held 4,887 sq ft at Building 1 and the new lease represents more than six times its existing footprint.

"We're very excited to take this new space at Oxford Technology Park, which will be our new HQ and the centre of our Quantum Computing as a Service offering," said Chris Ballance, CEO and co-founder of Oxford Ionics.

"With the capacity to accommodate 20 of our advanced quantum systems, it will also provide space for our world-class team to grow to 150 people."

The company's Electronic Qubit Control technology enables the design of better catalysts used in processes such as drug discovery, experimentation in test tubes or real-time simulation on computers.
Ian Harris, director at Ironstone Asset Management, which is Life Science REIT's investment adviser added:

"Oxford Ionics is a great example of how OTP can accommodate fast-growing life sciences businesses by providing specialist space to meet their needs as they evolve.

"At OTP, we are delivering units covering the whole spectrum: from small, more flexible and affordable space to larger hybrid buildings and plug and play lab space all in close proximity to the academic and research institutions in and around Oxford University."

Life Science REIT acquired OTP in May last year and the park now comprises five completed buildings totalling 173,400 sq ft and 333,200 sq ft of development space.

Building 6A provides a contemporary office style frontage with flexible internal space allowing the office, R&D laboratory and production content of buildings to vary from 25% to 50%.

The 400,000 sq ft science and technology park is already home to The Native Antigen Company and Oxford Gene Technology.

Life Science REIT is focused on the UK's growing life science sector and its portfolio spans the so-called 'Golden Triangle' of research and development hubs in Oxford, Cambridge and London's knowledge quarter.

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Giles Gwinnett is a writer at The Business Magazine. He has been a journalist for more than 20 years and covered a vast array of topics at a range of media settings - in print and online. After his NCTJ newspaper training, he became a reporter in Hampshire before moving to a news agency in Gloucestershire. In recent years, he has been covering the financial markets along with company news for an investor-focused web portal. His many interests include politics, energy and the environment. He lives in Dorset.

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