The former Debenhams building in Oxford could be turned into laboratory space in 2025.
After the department store chain went into administration, the three-storey branch on the corner of George Street and Magdalen Street closed early in 2021 and did not reopen after the third Covid lockdown.
It has remained boarded up ever since with locals wondering what will happen to the former retail site.
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In May, it emerged that the building would no longer be a focus for shopping - instead it will be occupied by laboratory space.
The prominent city centre site will serve as part of The Crown Estate’s aim to provide “vital lab space”.
The Crown Estate has linked up with Oxford Science Enterprises (OSE) and Pioneer Group to provide “much-needed science, technology and innovation workspace” in the region.
The partnership has announced its first lab development will be in Oxford with The Crown Estate acquiring the former Debenhams so it can be transformed into a life sciences space.
The project represents an initial investment of £125m by The Crown Estate, marking the start of a partnership that has a long-term ambition to invest up to £1.5 billion to support the UK’s science, technology and innovation sectors.
The initial investment will be used to transform the upper floors of the former Debenhams site into a "state-of-the-art" workspace.
Hannah Milne, regional managing director at The Crown Estate, said earlier: “The Debenhams site in Oxford is a prime example of how we are seeking to support regional economic growth in the UK.
“We identified a gap between the fast-paced growth of science, technology and innovation businesses and the lack of suitable and available lab space.
“Oxford Science Enterprises and Pioneer Group are ideal partners to join us on this journey. We look forward to working with them and Oxford City Council to accelerate innovation and economic growth for Oxford and further afield.”
Oxford Science Enterprises is one of the world’s leading builders of university spinouts, having worked alongside academic founders to found more than 80 companies created from the University of Oxford’s research.
Ed Bussey, chief executive at Oxford Science Enterprises, said earlier: “The UK’s science and technology sector is full of promising businesses with the potential to solve some of the world’s toughest challenges, but they often struggle to access the right lab or start-up space – which can be a significant barrier to entry for companies as they scale.
“As a key player in Oxford’s innovation ecosystem, we’re proud to partner with The Crown Estate and Pioneer Group to support entrepreneurs and companies working at the forefront of the UK’s science superpower strategy.
"This collaboration will ensure the next generation of pioneering life science and technology companies have the necessary space to grow their operations in the heart of Oxford and continue to export world-leading research from the region to the world."
The Crown Estate and Oxford Science Enterprises have been asked for further comment.
Residents in Botley Road have complained about plans for six-storey science lab and office block at Botley Road Retail Park.
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