Joint International Venture to bring new Life Sciences Innovation District to Oxford

A new £700 million initiative to deliver a new global innovation district in Oxford has been announced by Thomas White Oxford Ltd, the development arm of St John’s College and Canadian-based Cadillac Fairview, the real estate arm of Ontario Teachers’ Pension Plan.

Oxford North Ventures LLP has been formed to represent the 50:50 ownership initiative, with Stanhope PLC appointed as development manager. The new company’s Board will consist of Bernard Taylor, chairman and William Donger, chief executive officer of Thomas White Oxford; Jenny Hammarlund, managing director, head of Europe, of Cadillac Fairview; and David Camp, chief executive of Stanhope.

The investment is set to bring 939,000 sq ft (87,300 sq m) of laboratory and workspace for life sciences discovery and research. The overall 64-acre masterplan which received outline approval from Oxford City Council in March 2021, will also include amenities, housing infrastructure and landscaped, public open spaces, adding social value to the business structure which is expected to boost the economy by circa £150 million in GVA per annum.

Work which started last August on Phase 1, a total of 170,000 sq ft (15,793 sq m) laboratories and workspace including a link road and Central Park, created more than 200 construction jobs, with the total number of jobs ultimately reaching 4,500. Thomas White Oxford has already entered into an agreement with Hill Group to deliver circa 318 of 480 designated new homes, the first open-space public park and new streets on Canalside, to the south of the A40.

Bernard Taylor, said that following two years of careful work, he was “thrilled to have Cadillac Fairview as our partner”  because of its long-established record of involvement in high quality property development along with long-term investment perspectives which aligned well with both Thomas White Oxford and its 100% shareholder, St John’s College, Oxford.

He was also delighted to have developer Stanhope on board as “one of the leading and highest quality placemakers in the UK, ” with Chief Executive David Camp personally leading developments “bringing his exceptional experience in the life sciences sector and track record for delivering sustainable new exciting places on time and on budget.”

Also endorsing a warm welcome to its venture partners William Donger commented that the initiative would “deliver in a timely way one of the world’s most significant innovation districts. Demand for lab and science translation space in Oxford is at record levels with restricted supply. Conversations with pioneering science and technology companies seeking such space have already started.” The venture would, he added, maximise opportunities for local people through school and college engagement and construction apprenticeships schemes, delivering a new sustainable place for Oxford.

Jenny Hammarlund said: “As we grow our investment portfolio across Europe, the life sciences sector is a strategic focus for Cadillac Fairview. We are extremely pleased to be investing in the UK with two strong and like-minded partners, Stanhope and Thomas White Oxford.” The globally ambitious project would enable development of relationships with the UK’s world leading life sciences sector, educational institutions, hospitals, the research community and the commercial ecosystem, “while building a sustainable community where innovation can thrive.”

The project is the second joint venture between Cadillac Fairview and Stanhope, which follows Cadillac Fairview’s acquisition of White City Place in 2021, which Stanhope continues to asset manage.

David Camp said: “Oxford is a world-leading destination for life sciences and medical research, so it is a privilege for us to have formed this partnership with Thomas White Oxford and Cadillac Fairview to create what will become the city’s premier life sciences and innovation district.” With over 25 years’ experience the UK company would be committed to ensuring that Oxford North delivered the highest quality public open space and buildings, having a positive impact for all, he added.

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