Westgate signals rebirth of Oxford as county flourishes

This year is a momentous one for Oxford and Oxfordshire. The opening on October 24 of Westgate Oxford, after years of talking and planning, will see the city transformed – and able to compete at last with its near neighbours.

Oxford has always been a city likely to attract tourists. Its history, university and cultural offerings have always proved popular.

But the city has lagged behind in its retail offering. Reading’s The Oracle, for instance, opened as long ago as 1999.

Westgate has been described as ‘game-changing’ for Oxford. The city will be reinvented with 800,000 sq ft of prestigious global brands, eclectic restaurants, a five-screen cinema and rooftop bars and dining.

Construction began in spring 2015 and the scheduled opening date is October 24, 2017. Stores opening include Calvin Klein, Gant, H&M, John Lewis, Next, Sainsbury’s, The Body Shop and Ted Baker. Restaurants include The Alchemist, Dirty Bones, Pizza Pilgrims and Pret a Manger.

Westgate Oxford will also include apartments – one and two-bedroom luxury flats at Mill Stream House.

The boost to the city will be welcomed by Oxford’s 4,600 business which together provide 114,000 jobs. Oxford has a growing economy – it is one of the fastest-growing in the UK, and there are more jobs than residents. But it has its challenges – including the fact that it is the least affordable city in the UK, with average house prices 16.2 times average earnings.

With the average house price in Oxford heading close to £500,000, it’s no wonder that 30% of people rent their home in the private sector. There are also 3,300 households on the waiting list for social housing.

Plans are also underway at Oxpens, to provide 300 more houses and flats, plus shops, restaurants, offices and R&D space, and a 150-bed hotel. The council and Nuffield Collage have formed a joint venture company to bring together the land in the Oxpens area in preparation for the comprehensive redevelopment.

Further afield, Oxfordshire is enjoying something of a boom period. Harwell is growing into one of the world’s largest and most important science and innovation campuses. Milton Park continues to grow – the latest scheme is the largest in recent Oxfordshire history and comprises 110,000 sq ft of office and laboratory buildings at Park Drive East.

Oxford Science Park has recently opened a £13 million state-of-the-art office and laboratory building capable of accommodating 500 people. Minister of state for universities, science, research and innovation Jo Johnson was the official guest at the opening.

The Schrödinger Building will be named after Austrian theoretical physicist professor Erwin Rudolf Josef Alexander Schrödinger (1887-1961). Awarded the Nobel Prize for Physics in 1933, he was one of the great scientists of the 20th century. Schrödinger came to Magdalen College Oxford, which owns The Oxford Science Park, to a fellowship from 1933 to 1938.

Rory Maw, bursar, Magdalen College, Oxford, said: “Few people can claim to have had such an impact in the field of quantum theory as Erwin Schrödinger. Today his memory will live on in the Park’s state of the art new office and laboratory building: The Schrödinger Building. We were honoured that Jo Johnson visited us today to be part of this literally ground-breaking day. We continue to develop the Park as a long-term strategic asset which supports growth, discovery, innovation and entrepreneurship.”

The minister was introduced to three business leaders from the Park: Constantin Coussios, founder of OxSonics and OrganOx and a fellow of Magdalen College; Lee Bryant, managing director, Sesui, the cloud-based telephony and contact centre innovator based in The Magdalen Centre; and Dr Tom Payne, chief technology officer, Oxford Genetics, a leading biotech specialising in DNA design, protein expression optimisation and cell line development technologies and services.

Jo Johnson said: “Oxford’s world-leading success is built on its research excellence that continues to attract the best minds and cement the UK’s reputation as an innovative nation.

“The new Schrödinger Building will be another important addition to Oxford, supporting the relationship between academics and businesses to foster the development of pioneering start-ups. Our industrial strategy will build on these existing strengths to ensure the UK remains at the forefront of global science.”

Meanwhile, as Oxford becomes more attractive still, rents are rising. New-build schemes in the city centre are likely to command rents of £30 per sq ft and act as a catalyst for wider rental growth in the region, according to agents Carter Jonas.