Life Science REIT hits new rental high at Oxford Technology Park
Life Science REIT has agreed a new lease at a record rent for the Oxford Technology Park, with Oxford Expression Technologies singing up for 5,600 sq ft at the Innovation Quarter.
Oxford Expression will pay an annual rent of £258,200, equal to £46.50 per sq ft, on a 10-year lease. The lease includes a rent review at the end of the fifth year.
Life Science REIT, through its investment adviser Ironstone Asset Management, will now fit out the ground floor shell of the building to CL2 laboratory specification and the first floor as fitted offices. The lease will be granted on completion of the works, which is expected in the second quarter of this year.
Life Science REIT has agreed a new lease at a record rent for the Oxford Technology Park, with Oxford Expression Technologies singing up for 5,600 sq ft at the Innovation Quarter.
Oxford Expression will pay an annual rent of £258,200, equal to £46.50 per sq ft, on a 10-year lease. The lease includes a rent review at the end of the fifth year.
Life Science REIT, through its investment adviser Ironstone Asset Management, will now fit out the ground floor shell of the building to CL2 laboratory specification and the first floor as fitted offices. The lease will be granted on completion of the works, which is expected in the second quarter of this year.
Oxford Expression specialises in protein production for vaccine development, disease research, and drug testing. It was spun out of Oxford Brookes University and the Natural Environment Research Council in 2006.
Ian Harris, director of asset management at Ironstone, said: “With a range of formats and sizes, Oxford Technology Park can cater to the demands of new businesses throughout their life cycle, so we look forward to working with Oxford Expression as their business develops.”
Linda King, founder at Oxford Expression, said: “After a number of years based in Oxford Brookes’ bioinnovation hub, everyone at Oxford Expression is relocating to the Oxford Technology Park in summer 2025. We will be moving into a facility expertly designed for our bespoke needs, which will benefit our staff, our customers and collaborators.”
