OxLEP has this week announced details of a new Local Growth Fund-backed project, set to deliver significant economic benefits to Oxfordshire.
Osney Mead Innovation Quarter – set at Osney Mead, close to Botley Road in Oxford – intends to create a recognised Innovation Quarter through the development of supporting University research facilities, incubation/translational facilities and commercial space, as well as graduate accommodation.
The project is set to deliver:
- 4,000 jobs
- 20,800m2 of research, incubation and commercial buildings
- Minimum 400 units graduate accommodation
Osney Mead Industrial Estate was an under-used industrial site in a prime location immediately adjacent to the West End of Oxford City centre. The Osney Mead Innovation Quarter project will transform the industrial estate into an innovative and attractive place accommodating a range of mutually reinforcing activities and uses.
Osney Mead Innovation Quarter will provide expansion space for currently-constrained University activity and research. It will provide opportunities for world-leading commercial enterprises to invest in Oxford and locate activity adjacent to University research activity. It will also create a focus for entrepreneurs and founding businesses, in particular those spun out from academic research activity.
The project will improve access routes to the west of the city and provide accommodation for graduate students and early career researchers, reducing pressure on the heavily constrained Oxford private housing sector.
OxLEP is one of 38 Local Enterprise Partnerships (LEPs) in England playing a key role in driving forward economic growth and – by 2021 – it’s expected that central Government will have invested over £12bn into the UK economy via the Local Growth Fund.
The Local Growth Fund investment aims to allow LEPs to use their local knowledge to promote growth in their individual regions.
Analysis has shown that for every £1 of Local Growth Fund invested, £4.81 in benefits could be generated.
OxLEP secured £6.2m of funding for the project via the government’s Local Growth Fund – the overall project cost is approximately £10.2m.
Since its inception in 2011, OxLEP – with its partners – has secured over £650m-worth of government funding for Oxfordshire, which has seen more than 50,000 new jobs created in the county to-date.
In total, OxLEP currently oversees a £2.2bn growth programme for the county.
Nigel Tipple – OxLEP Chief Executive – said: “The confirmation of such a significant project – that will have a positive impact on research and innovation in Oxfordshire – is excellent news. As the local enterprise partnership for Oxfordshire – we want to ensure our county benefits from an infrastructure that is fit-for-purpose, supporting dynamic economic growth.
"We are delighted to have secured such a major Local Growth Fund allocation for this project and we are sure it can be real asset to Oxfordshire, as we continue to support our growing economy for the benefit of both the county and ‘UK PLC’”.