Global real estate investor Oxford Properties Group and UK lab specialist Pioneer Group have appointed Wates Group as the main build contractor for converting Victoria House in Bloomsbury Square, central London, into a state of the art life sciences hub which is due to complete in Autumn 2024.
Oxford, Pioneer Group and Wates plan to convert 220,000 ft2 (18,580 m2) of the building’s 300,000 ft2 internal area into Grade A wet lab-enabled life sciences space.
The property will feature 80,000 ft2 of office, amenity, meeting and retail spaces to provide an exceptional employee experience for end users, highlighted by heritage meeting rooms, an eighth floor club lounge and a roof terrace overlooking central London.
In November, Oxford and Pioneer Group welcomed the BioIndustry Association (BIA) as the property’s first life science ecosystem occupier. Following the completion of an initial phase to create an office area on the ground floor of the building, the BIA, the trade association for UK life sciences, has taken the space which will serve as its new headquarters.
The project is targeting BREEAM ‘Excellent’ certification. Wates, in partnership with SES Engineering Services, will work to reduce the operational and embodied carbon footprint of the building through renewable technology and implementing modern methods of construction, such as utilising offsite prefabricated modules for mechanical and electrical (M&E) services. The existing M&E infrastructure will be upgraded, including installing energy-efficient LED lighting and heat recovery throughout the air conditioning system. The finished building will also be primarily heated by air source heat pumps.
Robin Everall, head of Development, Europe, at Oxford Properties, commented: 'The location, amenities and historical character of Victoria House make it one of the most unique and complex refurbishments of its kind, differentiated by a mix of modern lab space and heritage design, and our aim is to transform it into a hub that will nurture life sciences ecosystems in close proximity to the city’s Knowledge Quarter. Wates is a leading construction company with a highly skilled team, which makes them ideally suited to undertake the refurbishment of the iconic Victoria House into a state of the art lab space.'
Oxford’s initial life sciences focus in the UK is on opportunities located within the London-Oxford-Cambridge ‘Golden Triangle’. Oxford made its first investment in the sector in Europe in May 2021, with the acquisition of 310 Cambridge Science Park. Active in the life sciences industry since 2017, Oxford’s global life science business has grown across the top-ten North American life science markets, the UK and continental Europe.
Its life sciences portfolio encompasses 8 million ft2 of completed properties, conversion projects and ground-up development and includes R&D labs and GMP facilities. Since the start of 2021, Oxford has completed £2.5 bn of life sciences investment and secured a further £4 bn of follow-on development opportunities.
Oxford Properties and Pioneer Group have appointed CBRE and JLL as leasing agents.
