Mission Street, a specialist investor, developer and operator of science and innovation real estate, and global investment management firm BGO have clinched planning for Phase 2 of their development in the West End of Oxford.
Called Fabrica the new-build scheme will provide 180,000 square feet of innovation accommodation 10 minute walk from Oxford station and city centre. It will have wet labs and offices across five floors. CBRE and Bidwells are advising on the leasing.
The planning decision comes in the same week the joint venture partners completed their Inventa building, providing 65,000 square feet of lab, office and collaboration space.
BGO and Mission Street plan to deliver over 1.5 million of lab and office space in UK locations, including the Golden Triangle of Oxford, Cambridge and London.
Artem Korolev, CEO of Mission Street, said: "This is the largest commercial sciences scheme to gain consent in central Oxford and recognises the growing trend towards urban Science.
"The benefits for future occupiers are clear; proximity to Oxford train station and the city centre provides access to wider talent pools, ability to adopt sustainable travel methods, access to the amenities and cultural offerings of the city centre as well as the key anchors including the University."
According to the partners, Inventa and Fabrica will provide the first commercial science schemes in the West End, Oxford’s central science district.
Earlier this year, a Knight Frank report warned that planning barriers are inhibiting developers’ ability to deliver new life sciences space in the United Kingdom's golden triangle between Oxford, Cambridge and London, with more than half the area's development pipeline still in the pre-planning phase.
Colin Brown, development director of Mission Street, added: "Not only are we delivering a best-in-class science building in a supply starved market, but we are also delivering Oxford’s first Living Wage building and setting new standards in sustainable development for Science buildings."