In June 2019 the Vice-Chancellor announced a major new partnership for the University with Legal & General Group plc, enabling us to move forward with our commitments to address the high cost of accommodation for our staff and students and to develop innovation districts. Both of these are key objectives of the University’s current five-year Strategic Plan.
Providing good quality, affordable accommodation is vital if we are to continue to attract the world’s best researchers and students. Importantly, the new housing we plan to build will also relieve pressure on the supply of local housing and bring benefits to the wider Oxford community. The creation and expansion of our existing innovation districts will mean we can offer enhanced facilities for spin out companies from the University, support our local economy with high quality jobs, growth and income, and contribute to the national economy.
Joint venture partnership
Through the joint venture, Legal & General (L&G) are providing up to £4 billion of funding to deliver a series of projects with the aim of providing approximately 1,000 subsidised homes for rent by University and college staff, around 1,000 additional units of graduate student accommodation and expansion of our existing innovation facilities. The partnership means that the University can move forward with a cohesive plan to meet housing and research development needs that will also bring benefits to the city.
The projects will be developed initially by Oxford University Development Limited (OUD), a wholly-owned subsidiary of the joint venture company established by the University and L&G Group. OUD will design each project in line with the University’s requirements, consult with the local community and statutory authorities, apply for planning permission and manage the construction tender process. Once planning permission has been granted, the project will be completed by a company wholly-owned by L&G in return for rental income from the site for a defined number of years.