Travers Smith LLP has advised Lothbury Investment Management ("Lothbury") on a joint venture with Oxford Science Enterprises, the Science Business Builder and preferred investment partner of the University of Oxford, to develop state-of-the art laboratory and office space in Oxford city centre.
The development of the 30,000 sq ft. space is part of a proposed comprehensive £200 million redevelopment of the Clarendon Centre. The redevelopment, led by Lothbury, is expected to begin in 2022, pending the requisite approvals. On completion, expected in 2024, the R&D space will provide an ideal environment for fast-growing life science companies, including those founded by Oxford Science Enterprises.
With demand for laboratory space in Oxford far exceeding supply, the redevelopment of the Clarendon Centre will significantly increase Oxford Science Enterprises’ existing footprint in and around Oxford and enhance its ability to provide its companies with the essential facilities needed to grow and thrive.
Simon Radford, CEO Lothbury Investment Management Limited said:
“This is a milestone investment for Lothbury, which has owned the Clarendon Centre since its inception in 1985 and brings Lothbury’s investors into the new and exciting life science and biomedical sectors for real estate."