Wrenbridge and Buccleuch Property have announced the £21.5 million sale of a sustainable new science building, about to be built in Oxford, to IM Properties.
Nova, a 43,572 sq ft mid-tech life sciences property, is south of the city centre in Cowley, strategically located near Oxford Science Park and Arc Oxford.
Wrenbridge and Buccleuch secured planning for the building, which is designated for B2 (general industrial), E(g)(ii) (R&D) and E(g)(iii) (Industrial processes) uses but have now forward sold it to IM Properties.
It will target EPC A+, BREEAM Outstanding and include onsite renewables including solar panels and electric vehicle charging along with extensive landscaping and employee wellbeing features.
Wrenbridge and Buccleuch have appointed contractors Parkway and the scheme is due for completion in December 2023.
Sandy Smith, development director of Buccleuch Property, said: “Working with Oxford City Council and our professional team, it’s great to see Nova, one of the most sustainable new build buildings to come forward in Oxford, about to start on site.
“Its EPC A+ and BREEAM Outstanding credentials are already attracting occupier interest and we look forward to delivering another project with Wrenbridge and IM Properties.‘’
James Feltham, director of Wrenbridge, said: “We are pleased to have secured the forward sale of this best in class mid-tech building to IM Properties.
“This builds on a strong relationship Wrenbridge and Buccleuch have developed across a number of transactions with IM Properties.
“Having secured planning, we are now commencing construction of the building which will deliver the much-needed space for Life Science occupiers later this year.”
John Hammond, UK investment director of IM Properties, said “This is a perfect prime asset for us to invest in and make an entry into the life sciences and Oxford – Cambridge Arc market.
“It offers a best-in-class specification aligned to our Sustainable Future’s goals to develop a socially responsible investment portfolio alongside trusted partners who are equally committed to creating buildings built for the future.’’
Stonehill and Partners acted for Wrenbridge and Buccleuch while Springer Nicolas acted for IM Properties.
Colliers International and Carter Jonas are leasing agents on the scheme.
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