Life Science REIT Fully Lets Building 5 at Oxford Technology Park to WAE Technologies Limited
Life Science REIT, a leading real estate investment trust specializing in life science properties, has announced that it has fully let Building 5 at Oxford Technology Park (OTP), a premier research and development hub in the heart of Oxford, England. The 57,000 sq ft building has been leased to WAE Technologies Limited, a prominent technology and engineering services provider, in a deal that spans 10 years.
Under the terms of the agreement, WAE Technologies will pay an annual rent of £1,146,000, equivalent to £20.10 per sq ft. The lease includes a break clause at the fifth year for half of the space, providing flexibility for the tenant. Additionally, a rent review will take place at the end of the fifth year to ensure fair market value.
Building 5 has been thoughtfully designed to accommodate office spaces and dedicated research and development areas, tailored to meet the specific needs of WAE Technologies. The facility is part of OTP, a strategically located research park with close proximity to renowned academic and research institutions affiliated with Oxford University.
OTP is renowned for its highly flexible buildings, offering a variety of configurations to meet the diverse requirements of life science companies. From office spaces to labs, research and development areas, and even production facilities, OTP provides cutting-edge infrastructure for businesses in the industry.
This latest development marks a significant milestone for OTP, as Building 5 recently achieved practical completion and is well on its way to obtaining a prestigious BREEAM Excellent certification. BREEAM (Building Research Establishment Environmental Assessment Method) sets the standard for sustainable building design and performance, highlighting OTP’s commitment to environmental stewardship.
Ian Harris, director of asset management at Ironstone Asset Management, the investment adviser for Life Science REIT, praised OTP for its appeal to life science companies. He cited the park’s flexibility, affordability, strategic location near leading life sciences institutions, and its vibrant community as key factors that attracted WAE Technologies and other prominent occupiers.
Life Science REIT’s acquisition of OTP in May 2022 has further solidified its position as a major player in the life science real estate market. With the addition of Building 5, the park now boasts six fully completed buildings totaling 230,500 sq ft, alongside an additional 266,100 sq ft of development space in the pipeline.
OTP is already home to esteemed life science companies such as The Native Antigen Company, Oxford Gene Technology, and Oxford Ionics, further establishing its reputation as a hub for innovation and collaboration in the industry.
As the life science sector continues to thrive, the demand for state-of-the-art research and development facilities remains high. Life Science REIT’s successful letting of Building 5 at OTP not only demonstrates the park’s growing appeal among industry leaders but also highlights the continuous expansion and development of life science infrastructure in the Oxford area.
Analyst comment
Positive news. The full letting of Building 5 at Oxford Technology Park to WAE Technologies Limited showcases the park’s appeal and the demand for life science facilities. The market is expected to see continued expansion and development of life science infrastructure in the Oxford area.
