Addington Capital, the investment and asset management company has sold The Quadrant, Abingdon Science Park to Kadans Science Partner, a science park, investor, developer and operator at a price of around £13 million.
The scheme comprises four terraces of offices and laboratory buildings totalling 75,316 sq. ft. along with a 1.59-acre parcel of land, with planning consent for a further 20,000 sq. ft. of office and laboratory buildings.
The Quadrant was acquired in January 2016 in a joint venture. Since then, Addington has successfully improved the occupancy from 30% to 85%, increased headline rents by 20% and secured planning permission on the development land. Existing tenants include PsiOxus Therapeutics, Tessella and Fishawack.
Philip Symonds, partner at Addington Capital said, “By investing in the fabric of the highly adaptable buildings at the Quadrant, we were able to attract new tenants whilst meeting existing occupiers’ requirements. We were also able to design and secure consent for the next phase of development at the property.
South Oxfordshire benefits from favourable occupational dynamics largely due to its burgeoning technology and life sciences sectors, which have proven resilient during the Covid-19 pandemic. We experienced this first hand in the number of new lettings, renewals and expansions completed at the property during the business plan. There continues to be strong demand for excellent quality, flexible accommodation in the region.”
“I have no doubt the property under Kadans’ ownership, as well as the wider Abingdon Science Park, will continue to flourish in the coming years.”
Doherty Baines acted for Addington Capital. Bidwells advised Kadans Science Partner.