Lothbury Investment Management is preparing to bring to market for sale the Clarendon Centre in Oxford, a shopping centre where it has plans for a £200 million mixed-use redevelopment, CoStar News understands.
Market sources said CBRE is expected to bring to market the opportunity to develop a rare central site in the famous university city in the coming weeks.
Lothbury has consent to redevelop the mall as a 226,547-square-foot mixed use scheme comprising research and development laboratories, offices and student accommodation, as well as shops and restaurants. There will be a public square in the city centre and spill-out spaces for cafés.
It is thought that CBRE would seek in excess of £30 million for the development opportunity.
The laboratory space comprises 50,279 square feet, office space 103,259 square feet, student accommodation 50,147 square feet and retail and café space 22,862 square feet.
The laboratory space will be developed in partnership with Oxford Science Enterprises to provide serviced incubator accommodation for the university spin-out sector.
In July, Lothbury, advised by CBRE, sold Oxford's 30,000-square-foot North Bailey House offices, the first phase of the redevelopment, to Brydell Partners for circa £21 million, reflecting a net yield of 6.85%. Kimmre acted for Brydell Partners.
CBRE declined to comment.