The former Debenhams department store on the corner of George Street is to be turned into a 9,000m2 laboratory space. Construction will begin next year and will be completed and operational by 2028.
The store, which closed down in early 2021 and remained boarded up ever since, is to be transformed into a “life sciences and technology space”. After the Crown Estate launched a search for a company that could redefine the department store, their £80 million bid eventually resulted in a partnership between Pioneer Group and Oxford Sciences Enterprises (OSE).
Pioneer Group has built a reputation for life science growth facilitation in Britain and in Europe. Oxford University has been marked second globally for Life Sciences Research, which the current Debenhams project is set to contribute to. Richard O’Boyle, Executive Director at Pioneer Group, commented: “With the UK’s largest network of life science experts, cutting-edge labs, and robust support systems, we are poised to redefine industry standards and foster a vibrant scientific community.”
Oxford Sciences Enterprises is a venture capital firm and one of the world-leading builders of university spinouts; since 2015 it has built an investment portfolio worth up to £2 billion, within what it calls “Oxford’s innovation ecosystem”. CEO at Oxford Science Enterprises, Ed Bussey, spoke of the difficulties of accessing “the right lab or start-up space – which can be a significant barrier to entry for companies as they scale”. The repurposing of the former Debenhams store hopes to remedy this lack of available spaces for early-stage businesses in supply-constrained locations, such as Oxford.
The Crown Estate told Cherwell: “The transformation of this site will ensure the next generation of pioneering science and technology companies have the necessary space to grow their operations in the heart of Oxford, benefitting the local and national economies, while unlocking subsequent social value for the community.”
The former Debenhams store is currently being stripped out by contractors BibbEgan, who are preparing to hand it over to The Crown Estate, ready for the next phase of construction.
