Construction is under way on a 43,573 sq ft R&D building in Oxford.

IM Properties’ Nova building in Cowley is due for completion in Q1, 2024. It is expected to have EPC A+ and BREEAM Outstanding energy and environmental ratings and is aimed at the mid-tech and R&D sector.

The site, outside the ring road, is equidistant from The Oxford Science Park and Arc Oxford.

Rob Hemus, asset director for IM Properties, said: “We are excited to establish a strong presence in this dynamic and rapidly growing sector, to elevate our position as a property company investing in and delivering highly sustainable and innovative buildings in the South-East.

“The large volume of activity from the life sciences sector in Oxford continues to impact the real estate market, but requirements are changing, with many businesses, particularly mid-tech firms, looking for innovative and adaptive hybrid space.”

Jon Silversides, head of Carter Jonas’ Oxford commercial agency team, said: “Whilst the majority of Oxford’s current and evolving schemes are focused on the delivery of lab space, Nova will instead offer Oxford’s only volume building suitable for mid tech and R&D occupiers.

“The high-quality building is designed for a diverse and competitive marketplace which relies on attracting top tier talent. To achieve this, Nova delivers a working environment that is built for the future and offers a level of social responsibility which individuals increasingly expect from companies, both in its sustainability and wellbeing credentials.”

Carter Jonas and Colliers are leasing agents on the scheme.

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