Buccleuch Property and Wrenbridge have sold the 43,752 sq ft Nova mid-tech life sciences building in Oxford to IM Properties for £21.5m on a forward commitment basis.
The building, which is situated to the south of Oxford city centre in Cowley, recently secured planning and construction will commence in the coming weeks with completion scheduled for December this year.
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, added: “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 Buccleuch and Wrenbridge and Springer Nicolas acted for IM Properties. Colliers International and Carter Jonas are leasing agents on the scheme.
