BDC Phase 2 Limited – a joint venture between Mace and Doric Properties – agrees the forward funding and sale of Phase Two of the West Way Square regeneration development in Oxford to Grainger plc – in a £62.8m deal. Grainger agrees to forward fund and acquire the Build to Rent development in Botley, Oxford – the company’s first acquisition of a Build to Rent scheme in the city.
“This is a great deal, which underlines the strength of our partnership working approach to urban regeneration in creating a new, high quality, mixed-use development. Phase One saw us work with the local community, the council and our partners Doric Properties to deliver a vibrant new destination and attract residents and businesses into the area. With this funding in place for Phase Two, we can realise the overall vision for the development to leave a positive and lasting legacy for this thriving part of Oxford and for Grainger.”Kirsten White, Finance Director for Develop, Mace Group
Phase Two of West Way Square which will deliver 150 new Build to Rent homes, c.3,244 sq ft of internal amenity spaces, c.7,662 sq ft outdoor podium garden and a c.2,263 sq ft roof terrace. The scheme also includes seven ground-floor commercial units totalling c.10,058 sq ft and 120 parking permits.
Gilbert-Ash Limited is appointed as the main contractor for phase two of the scheme and Mace as development manager. Preparatory work has started, with on-site works expected to begin in late November 2022. Practical completion is expected in late 2024.
“We are delighted to secure our first scheme in Oxford, a key target city with robust underlying fundamentals and a great need for high quality rental homes. The convenient location and connectivity of West Way Square makes it attractive for those working in the city centre or at the many local business and science parks.”Helen Gordon, Chief Executive Officer, Grainger
West Way Square is a mixed-use development located ten minutes from Oxford city centre. Oxford Parkway and Oxford’s mainline station are nearby with five of Oxford’s leading science parks located within 15 minutes of the West Way Square development.
Phase One of West Way Square created 20 Build to Rent apartments, 264 purpose-built student accommodation (PBSA) studios and apartments, almost 40,000 sq ft of retail and commercial space, a new hotel and office and community spaces, including a local library, car and cycle parking amenities and a new public piazza.