Banbury: Major distribution site sold to Paloma and Graftongate
Paloma Capital LLP and Graftongate Properties have bought the 200,000 sq ft former Jacobs Douwe Egberts distribution centre at Banbury, located off junction 11 of the M40 motorway, adjacent to the newly completed Waitrose foodstore. The distribution/warehouse unit sits on a site of 13.7 acres and includes a five-acre car park.
The distribution centre will be extensively refurbished by both Paloma and Graftongate and will be available for occupation from June 2019, the project having an estimated completion value of circa £20 million.
Jamie Hockaday from Graftongate said: “This is an excellent opportunity to renew the economic life of a core asset, previously occupied by DHL and Aston Martin. There is no competing supply along the M40 between High Wycombe and Birmingham and we are already receiving early occupier interest.”
Chris White, managing director of White Commercial Surveyors, said: “This is an excellent purchase by Graftongate and Paloma, who are to carry out an extensive and substantial refurbishment programme. We are currently experiencing good demand from logistics and distribution businesses who are looking for locations in central England. The building will be available for occupation in mid-June 2019 although it likely that we will be discussing proposals with various occupiers incorporating their specific requirements within the refurbishment programme prior to this date.”
Banbury has become more established as a distribution location over recent years and has attracted occupiers such as Amazon, Hello Fresh and the Entertainer, all of whom recognise the importance of the M40 as a trunking corridor, particularly well placed for those companies importing through the South Coast ports.
GVA acted for Paloma and Graftongate on the Banbury purchase with White Commercial and Savills acting for the vendor. GVA and White Commercial have been retained as letting agents.
