Life Science REIT has fully let Building 5 at Oxford Technology Park (OTP), covering
57,000 sq ft to WAE Technologies Limited.
The technology and engineering services provider, which delivers innovative solutions to a range of sectors including green energy, medical engineering and automotive, has signed a 10-year lease and will pay an annual rent of £1,146,000, equating to £20.10 per sq ft.
A break clause exists at year five on half the space and a rent review will also take place at the end of the fifth year. The building has been fitted out as offices and R&D space by the occupier, which is part of Fortescue, a listed Australian company which also has an investment fund,Foresight WAE Technology Fund, which invests in a wide variety of businesses including spinouts from Oxford and Cambridge Universities.
OTP is located close to the academic and research institutions in and around Oxford University. Its hybrid buildings are highly flexible, and can provide any configuration of offices, labs, R&D and production space, to suit the evolving needs of businesses in this sector.
Building 5 reached practical completion this week and is on track to achieve a BREEAM Excellent certification.
Ian Harris, director of asset management at Ironstone Asset Management, Life Science REIT’s investment adviser, said: “OTP’s combination of flexible, affordable, and best in class space as well as its proximity to leading, global life sciences institutions is compelling for a wide range of occupiers. WAE will be the largest occupier at OTP and its presence is a major step forward in delivering a vibrant and collaborative community at OTP.”
OTP was acquired by Life Science REIT in May 2022. It now comprises six completed buildings totalling 230,500 sq ft and 266,100 sq ft of development space. Existing occupiers at the park include The Native Antigen Company, a developer and manufacturer of antigens and antibodies, Oxford Gene Technology, a provider of clinical research and diagnostic solutions and Oxford Ionics, a leading quantum computing business.