focus on oxford ... continued from previous page
Despite strong development in recent years, in March this year the local industrial sector had one of the lowest- vacancy markets in the country.
Brexit
No-one knows the full and final Brexit implications, but:
• Over 13% of Oxford residents in employment hold a non-UK European passport.
• 17% of University of Oxford staff and 15% of students come from the EU. Oxford’s NHS has a similar EU- worker reliance.
• 62% of Oxford’s total overseas exports are vehicle manufacturing related.
• In 2014-15, 12% of University of Oxford research funding came from Europe, an income of £67m.
As the PwC-Demos ‘Good Growth’ report commented: “Cities need to grasp the impacts, understand their strengths and weaknesses in a post-EU landscape and develop a prioritised action plan to attract business investors and employees, including from overseas.”
. . . signs of game-changing sunshine breaking through
National support
On March 22, the Oxfordshire Growth Board comprising the county’s six councils and the Oxfordshire Local Enterprise Partnership (OxLEP), which includes the two universities, agreed a £215m Oxfordshire Growth Deal with the Government.
Assisting first-time buyers and local people onto the housing ladder, over £60m of the new funding will help deliver more than 1,300 affordable homes countywide – at least half for social renting.
The five-year government funding will also provide £150m for much-needed transport infrastructure, such as bridges, roundabouts and roads, helping to unblock new housing developments.
City traffic congestion problems and improved regional rail links (Oxford is not directly on the proposed HS2 route) still need to be resolved. However, the Department of Transport recently supported redevelopment plans for the former Varsity Line rail link between Oxford and Cambridge, helping create a west-east ‘knowledge arc’ across central UK. There are also plans to reopen the Cowley branch line to serve
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southern city areas, including Oxford Science Park.
Ian Gray, Oxford City Council’s interim regeneration and economy programme director, summed up: “We’re working to continue to develop Oxford into a smart and entrepreneurial city with a thriving local economy supported by improved infrastructure, training and skills.
“Our partnership working through the Oxfordshire Growth Board, has secured crucial government investment for much-needed new homes and infrastructure across Oxfordshire. We’re hopeful that this is the first stage in a sustained partnership with government to secure ongoing investment for the future development of Oxford and the county.”
…talking of supportive funding Oxford is a business start-up hotspot.
Founded in 1987 Oxford University Innovations continues to help commercialise academic research and knowledge. In 2016, OUI assisted
in over 70 companies. In March, university spinout Fuel3D became the first occupant of its £13m Schrödinger Building providing 61,500 sq ft of office and laboratory facilities – the park’s first new building for a decade.
North of Oxford, vital infrastructure work has started for a new £90m science and technology park at Kidlington, providing much-needed R&D and hi-tech space for the ‘A34 knowledge economy spine’, a rapidly growing community along with the University of Oxford’s Begbroke Science Park.
Last month, helping meet the needs of dynamic businesses looking for flexible accommodation to suit modern workstyles, an Oxford city centre project by Vantage Asset Management involving three buildings at 58-60 St Aldate’s was completed, creating a new Class-A business hub.
City regeneration
Development schemes that could breathe new life into the heart of Oxford include:
CGI of what a redeveloped Oxford railway station might look like
24 high-growth spinouts with early stage funding of £52.6m – a company generation record for the university, UK and Europe.
More recently formed Oxford Science Innovations has raised over £600m to build an ecosystem of financial capital and human advice that helps bring Oxford’s ideas to market and international awareness.
Business accommodation
Oxford Business Park provides a successful established inner-city environment for businesses of all sizes.
South of the city, Oxford Science Park is already home to 2,500 people
Oxpens and Oxford Station
A joint venture (OxWED) by Oxford City Council and Nuffield College proposing a west end of Oxford £200m mixed-use scheme creating a major new neighbourhood with 500 homes, commercial offices, research space, shops and restaurants. Sited opposite the Westgate complex, close to the river and rail station.
“If and when progressed, the one million sq ft mixed-use Oxpens development in the city’s heart will be on a scale, of office development alone, never seen before in Oxford,” said Chris Johns of CoStar.
THE BUSINESS MAGAZINE – MAY/JUNE 2018
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