Life Science REIT (LABS) has completed a major letting at its Oxford Technology Park asset to Oxford Ionics, an Oxford University spinout and pioneer in quantum computing.
The letting for the entire Building 6A, comprising 29,661 sq ft of space sees Oxford Ionics (an existing occupier of the park) increase its footprint at the campus by more than six times.
Oxford Ionics will pay an annual rent of £593,220, equating to £20.00 per sq ft for a 10-year term, with a break clause and rent review at the end of the fifth year.
Oxford Ionics’s proprietary Electronic Qubit Control technology provides the most stable and scalable method for delivering quantum computing technology. Its pioneering performance enables the design of better catalysts used in processes such as drug discovery, experimentation in test tubes or real-time simulation on computers.
Building 6A is a high-tech hybrid building which provides a contemporary office style frontage with flexible internal space allowing the office, research and development (R&D) laboratory and production content of buildings to vary from 25% to 50% to suit a range occupier requirements. It is targeting a BREEAM Excellent certification.
Ian Harris, director of asset management, Ironstone Asset Management, LABS’s investment adviser, said: “Oxford Ionics is a great example of how OTP can accommodate fast-growing life sciences businesses by providing specialist space to meet their needs as they evolve. At OTP, we are delivering units covering the whole spectrum: from small, more flexible and affordable space to larger hybrid buildings and plug and play lab space all in close proximity to the academic and research institutions in and around Oxford University.”
Oxford Technology Park was acquired by Life Science REIT in May 2022. It now comprises five completed buildings totalling 173,400 sq ft and 333,200 sq ft of development space.
Existing occupiers at the park include The Native Antigen Company, a developer and manufacturer of antigens and antibodies, and Oxford Gene Technology, a provider of clinical research and diagnostic solutions.
LABS : Life Science REIT makes major letting at Oxford tech campus