Life Science REIT has let 10,765 sq. ft. across two units at the Innovation Quarter at Oxford Technology Park (OTP) in Oxford to Oxford Gene Technology, a provider of clinical research and diagnostic solutions.
The Innovation Quarter is a differentiated offering within the wider campus targeting emerging life science businesses with smaller, more flexible space which can accommodate both wet and dry labs.
Covering 69,400 sq ft, it reached practical completion this week and has achieved a BREEAM Excellent certification and an EPC A rating.
Oxford Gene Technology, part of the Sysmex Corporation, a major listed Japanese healthcare business, was founded in 1995 and has expanded rapidly, outgrowing its current space on the neighbouring Begbroke Science Park. It will pay an annual rent of £220,000, equating to c. £20.40 psf for a 10 year term, with a break clause and rent review at the end of the fifth year. The space will be hybrid office and laboratory space and is let in shell condition for the occupier to fit out.
This letting takes all completed space at OTP, let or under offer, to 75%.
Ian Harris, Director of Asset Management, Ironstone Asset Management, the Company’s Investment Adviser said: “Oxford Gene Technology is exactly the type of growing, life sciences business that the Innovation Quarter at OTP was designed to attract; the units are smaller, more flexible and more affordable than elsewhere in Oxford but are very close to the academic and research institutions in and around the University. Across OTP the Company is uniquely positioned with a range of high quality, affordable and well-located space, appealing to occupiers across the life sciences spectrum.”
Oxford Technology Park was acquired by Life Science REIT in May 2022. It now comprises four completed buildings totalling 173,200 sq ft and 325,700 sq ft of development space.
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