Following on from the recent establishment of a new board, Thomas White Oxford, the development company of St John’s College Oxford, has agreed a 50:50 joint venture partnership with Canadian-based Cadillac Fairview, the real estate arm of Ontario Teachers’ Pension Plan, with developer Stanhope PLC, to deliver Oxford North, the new £700 million innovation district in the City of Oxford.
A new company, Oxford North Ventures LLP, has been formed as a JV, 50% owned by Thomas White Oxford and 50% by Canadian-based Cadillac Fairview and developer Stanhope. Stanhope has also been appointed as development manager.
The joint venture will invest almost £700 million to deliver 939,000 sq ft (87,300 sq m) of laboratory and workspace to enable life-enhancing discovery, along with amenities, infrastructure and social value during the next several years.
In March 2021, outline consent was granted by Oxford City Council for the overall 64-acre masterplan and detailed consent for the first phase of new laboratories and workspace, which will total 170,000 sq ft (15,793 sq m), with a link road and Central Park. Enabling infrastructure works started in August 2021. Future labs and workspace phases across Central and Eastside will be delivered by the joint venture.
For further information, view the full news story here: https://www.oxfordnorth.com/news/thomas-white-oxford-agrees-joint-venture-with-cadillac-fairview-and-stanhope-to-deliver-oxford-north/