The developer behind Oxford North has entered a £700 million joint venture to help deliver the new innovation district.
Under the new agreement Thomas White Oxford (TWO) will own 50 per cent of a new firm called Oxford North Ventures LLP with the other half owned by a partnership between Canada-based Cadillac Fairview, the real estate arm of Ontario Teachers’ Pension Plan and Stanhope. Stanhope has also been appointed as development manager.
The board of the new business will be made up of Bernard Taylor chairman of TWO, William Donger, chief executive of TWO, Jenny Hammarlund, managing director, head of Europe, for Cadillac Fairview and David Camp, chief executive of Stanhope.
The joint venture will deliver 939,000 sq ft of laboratory and workspace along with amenities and infrastructure. The scheme was consented in March 2021. TWO has already entered into an agreement with Hill Group to deliver around 318 new homes, the first public park and new streets on Canalside, to the south of the A40. Enabling infrastructure works started in August 2021.
Future labs and workspace phases will be delivered by the joint venture.
Mr Taylor said: “Following two years of careful work, we have selected our JV partners. I am thrilled to have Cadillac Fairview as our partner because of their long-established record of involvement in high quality property development and, as the property arm of Ontario Teachers’ Pension Plan, they have a very long-term investment perspective whose philosophy is well aligned with that of Thomas White Oxford and our 100 per cent shareholder, St John’s College, Oxford.
“I am also delighted to have Stanhope as our partner and development manager. They are one of the leading and highest quality placemakers in the UK and their chief executive, David Camp, will personally lead the development team, bringing his exceptional experience in the life sciences sector and track record for delivering sustainable new exciting places on time and on budget.”
“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.”
The project is the second joint venture involving Cadillac Fairview and Stanhope, which acquired White City Place in 2021.
Oxford North’s new website includes a novel 360-degree immersive cinemagraph. Visit www.oxfordnorth.com.
© Thames Tap (powered by ukpropertyforums.com).
Sign up to receive your free weekly Thames Tap journal here.
