The developer behind the £500 million Oxford North scheme has begun the search for two joint venture partners.
Thomas White Oxford (TWO) has instructed Savills to search for both commercial and residential joint venture development partners to work with on the mixed-use scheme which includes 480 homes, 136, 551 sq ft of offices plus shops, bars and restaurants, a hotel and 23 acres of open spaces including three new parks.
There will also be new cycle and pedestrian routes.
The commercial JV partner will deliver part of phase 1a in the central area between the A40 and A44, which will include three new office buildings, a central public square, temporary car and cycle parking and installation of an energy sharing loop.
The three offices include the striking Red Hall building, a 25,586 sq ft hub and incubator development for up to 300 start-ups, freelancers and entrepreneurs to work and collaborate in. In addition, Buildings 1 & 2 aim to include flexible office and laboratory spaces
The residential JV partner will help deliver phase 1 (Canalside) to the south of the A40, which will include more than 200 both open market and affordable homes along with related infrastructure.
Oxford City Council’s planning review committee agreed to approve the Oxford North scheme in December 2019 subject to legal agreements and planning conditions which are still under discussion.
TWO director William Donger said: “Oxford North will be a place that attracts talented people and organisations across technology, media, life sciences, pharmaceutical, biomedical and engineering.
“We continue to be in positive discussions with Oxford City Council to agree the necessary legal agreements and planning conditions that will allow the formal grant of planning permission.
“TWO is seeking expressions of interest to find two joint venture partners which share our values and have exceptional commercial and residential development experience, to assist us in the exciting delivery of phase 1.
“We are ever mindful of the UK government’s advice around COVID-19. We are commencing the preliminary JV search process now so that our plans for the future can still move ahead.”
Savills director Jemma Aitken-Quack, who is leading the development partner search, said: “Oxford North will become an extension to one of the world’s greatest cities and be the most substantial and significant infrastructure project that Oxford has seen for nearly 100 years.
“This is an exceptional opportunity for developers and investors which share Thomas White Oxford’s strong social investment values to work together to deliver Oxford City Council’s vision for the area and unlock its potential for future generations.”
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