OXFORD – 15 DECEMBER 2023 – Mission Street, a specialist investor, developer and operator of science and innovation real estate, and BGO, a global real estate investment management advisor, have secured resolution to grant planning permission from Oxford City Council for Phase 2 of their development in the West End of Oxford.
Known as Fabrica, and part of Mission Street’s joint venture with BGO, the new-build scheme will provide 180,000 sq ft of prime innovation real estate within a 10 minute walk from Oxford station and city centre. Designed by global architecture firm NBBJ, Fabrica has been designed to provide full flexibility of wet labs and offices across 5 floors in what will be a next-generation commercial sciences building.
The planning success comes in the same week as Practical Completion of Mission Street/ BGO’s Inventa building which provides 65,000 sq ft of lab, office and collaboration space. The scheme provides large lateral floor plates separated by two “high-street” atriums serving providing 8,000 sq ft of collaboration and breakout space for occupiers
Inventa and Fabrica will provide the first commercial science schemes in the West End, Oxford’s central science district which is set to be transformed over the short and medium term in response to a shifting trend towards more sustainable, easily accessible urban science locations. Over 2 million sq ft of commercial and University science buildings have been identified within the West End pipeline with Nuffield College and Oxford City Council’s Oxpens scheme awaiting determination.
As part of a joint venture BGO and Mission Street are delivering over 1.5 million of lab and office space in key strategic UK locations, including the “ Golden Triangle” of Oxford, Cambridge and London.
CBRE and Bidwells are advising on the leasing.
Artem Korolev, CEO of Mission Street, said:
“The decision to grant planning permission for Fabrica is a significant statement for the city of Oxford and for the Mission Street-BGO joint venture. This is the largest commercial Sciences scheme to gain consent in central Oxford and recognises the growing trend towards urban Science. The benefits for future occupiers are clear – proximity to Oxford train station and the city centre provides access to wider talent pools, ability to adopt sustainable travel methods, access to the amenities and cultural offerings of the city centre as well as the key anchors including the University. We’re extremely excited to be at the forefront of this transformation of the West End.”
Colin Brown, Development Director of Mission Street, said:
“Having just signed off practical completion of Inventa, we’re really encouraged by this decision on Fabrica. The committee approval is the result of two years of hard work and extensive consultation with the local authority, the public and wider stakeholders. The team are all very really proud of the building design as well as the wider benefits that Fabrica will bring.
“Not only are we delivering a best-in-class science building in a supply starved market, but we are also delivering Oxford’s first Living Wage building and setting new standards in sustainable development for Science buildings. I would like to thank our fantastic team as well as those within OCC and other stakeholders who have contributed to positively to the process.”
Mission Street was established in 2017 as an investor, developer and operator specialising in the sciences and innovation sector.
Senior leadership has unrivalled experience and expertise in delivering Science and Innovation buildings and is supported by Advisory Board comprising industry leaders Peter Finan, Tim Funnell, Jonathan Hepple and Nick Sturge.
Currently at various stages of development with BGO JV which includes 1.5m sq ft pipeline across in Oxford, Cambridge and Bristol. This includes the next available space to be delivered in the Oxford and Cambridge markets.
The company is a proven innovator and market leader in the Innovation Real Estate sector, delivering successful and complex projects including both new build R&D buildings and creative conversions of industrial and retail buildings.
For more information, visit www.mission-property.com
BGO is a leading, global real estate investment management advisor and a globally-recognized provider of real estate services. BGO serves the interests of more than 750 institutional clients with approximately $81 billion USD of assets under management (as of September 30, 2023) and expertise in the asset management of office, industrial, multi-residential, retail and hospitality property across the globe. BGO has offices in 27 cities across thirteen countries with deep, local knowledge, experience, and extensive networks in the regions where we invest in and manage real estate assets on behalf of our clients in primary, secondary and co-investment markets. BGO is a part of SLC Management, the institutional alternatives and traditional asset management business of Sun Life.
The assets under management shown above includes real estate equity and mortgage investments managed by the BGO group of companies and their affiliates, and as of 1Q21, includes certain uncalled capital commitments for discretionary capital until they are legally expired and excludes certain uncalled capital commitments where the investor has complete discretion over investment.
For more information, please visit www.bgo.com