Exciting news for UK life sciences real estate and real estate repurposing The Crown Estate is spearheading a groundbreaking initiative to transform the former Debenhams store in central Oxford into state-of-the-art laboratory space. This project is part of the Crown Estate's £1.5 billion investment strategy in the science and technology sector, aiming to address the critical shortage of high-quality lab spaces for start-ups. With a £125 million investment, the redevelopment of this historic site will support the UK’s innovation landscape by providing essential infrastructure for growing science and tech companies. Crown Estate CEO Dan Labbad emphasised the importance of this project in retaining homegrown talent and preventing the exodus of start-ups to other countries. This initiative, in partnership with the Pioneer Group and Oxford Science Enterprises, signifies a strategic shift for the Crown Estate towards high-growth sectors beyond its traditional holdings. The conversion of retail spaces into labs aligns with the increasing demand for specialised real estate. At Life Sciences Real Estate, we have written extensively about the adaptive reuse of existing buildings, whether it's office-to-lab, office-to-clinic, museum-to-lab, warehouse-to-lab...and now we can add retail-to-lab. Today's IPE Real Estate Global Conference and Awards 2024 in Madrid included a compelling session on repurposing titled "Adapting Space for Tomorrow’s Requirements." The session, moderated by James MacNamara of Schroders Capital, featured a distinguished panel including Audrey Camus of Ivanhoé Cambridge, Annette Kroeger of PIMCO Prime Real Estate, Javier Rodriguez Heredia of Azora, and Coen van Oostrom of EDGE. They discussed the potential for retrofitting assets and converting office buildings to meet modern needs. Insights from this session underscore the growing trend and importance of adaptive reuse in the real estate industry, a topic very close to our hearts at Life Sciences Real Estate. Stay tuned for more updates as we continue to investigate. #LifeSciences #RealEstate #Innovation #CrownEstate #IPEREConference James MacNamara Audrey Camus Annette Kröger Coen van Oostrom Javier Rodriguez Heredia Maurizio Grilli Richard Lowe Dan Gilbert Atrima Khastgir Matthew Hopkinson Joachim Eeckhout Monika Sosnowska, PhD, FCCA, ATT
Brilliant !!!!
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