Oxford Council jv to tap shareholders for 1.3m sq ft Oxpens funding
Oxford City Council and Nuffield College are set to back their Oxford West End Development joint venture with up to £2m to take proposals for its 1.3m sq ft Oxpens redevelopment through to the planning stage.
As the jv’s shareholders, the council and the college will consider its funding request later this month, with a decision expected on 10 March.
The jv, known as “OxWed”, aims to submit outline proposals for the regeneration site by early 2022. It aims to provide a mix of R&D space and facilities for spin-out companies within a wider Oxford West End innovation district, as well as housing.
Oxford City Council and Nuffield College are set to back their Oxford West End Development joint venture with up to £2m to take proposals for its 1.3m sq ft Oxpens redevelopment through to the planning stage.
As the jv’s shareholders, the council and the college will consider its funding request later this month, with a decision expected on 10 March.
The jv, known as “OxWed”, aims to submit outline proposals for the regeneration site by early 2022. It aims to provide a mix of R&D space and facilities for spin-out companies within a wider Oxford West End innovation district, as well as housing.
Draft plans show the 15-acre Oxpens site could potentially provide 753,000 sq ft of commercial floorspace and around 450 homes within the 1.3m sq ft mixed-use development, supporting more than 3,000 jobs.
Architect Hawkins Brown and landscape architect Gillespies will prepare the indicative masterplan for the Oxpens site.
Demand for science and technology-led space in the city is increasing.
Kevin Minns, managing director at OxWed, said: “Oxpens is a unique and timely opportunity for Oxford and one we want to bring forward successfully and in the right way.
“In particular, it can deliver both homes and the larger commercial buildings needed in an innovation district to drive economic prosperity, all within a highly sustainable location just a few minutes’ walk from the railway station, Westgate shopping centre and Oxford city centre.
“Momentum is building in the West End and we are looking to share our ambitious plans later this summer and get people involved. To do that, our next task is to secure investment funding so that we can get them ready for that important community input and consultation.”
Alex Hollingsworth, council cabinet member for planning and housing delivery, said: “The delivery of the Oxpens scheme is a top priority for both organisations, with the potential to deliver a genuinely mixed-use scheme creating a new community and new jobs – against the backdrop of our city’s recovery from the Covid pandemic.
“The recommendation to move forward to the submission of an outline planning application, funded by the shareholder partners, demonstrates our shared long-term commitment to this project and the city. It will give greater control over the project and better financial returns for the council.”
The broader innovation district is one of the priorities within Oxfordshire’s local industrial strategy investment plan, and will be realised through the delivery of development sites in the west of the city.
These include planned upgrades to Oxford Railway Station, the Jam Factory, Island Site and Worcester Street car park sites controlled by Nuffield College, as well as the University of Oxford’s proposals for Osney Mead, an underutilised industrial estate.
In total, the development sites measure nearly 3.8m sq ft, to be brought forward over 15 years with £1.5bn of investment, mainly from the private sector.
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