Peveril Securities and Sladen Estates have bought a 34-acre development site adjacent to the Bicester Village retail park in Oxfordshire.
The scheme has recently been granted planning consent for 645,000 sq ft of Grade A offices and the developers said once completed will have an end value in excess of £350 million.
The price paid has not been disclosed.
The site purchase has been driven by the recent government announcement that Bicester has achieved ‘Garden Town’ status. The developer said the site now represents an “excellent opportunity to provide a high-quality living and working environment on the edge of the Oxfordshire countryside”.
Ralph Jones, managing director of Peveril Securities, said in a statement: “We believe this site provides an excellent opportunity suitable for a number of businesses to locate themselves within a quickly growing and expanding area. Bicester is currently seeing significant amounts of development across a range of sectors that is being led by both its excellent road and rail connectivity, and its proximity to the idyllic Oxfordshire countryside.
“Our scheme will be suitable for a range of uses, from headquarter office buildings to research and development facilities. Due to its proximity to Bicester Village retail park, other complimentary uses may also be suitable subject to planning permissions.”
Nick Sladen, chief executive at Sladen Estates, said: “Sladen Estates and Peveril Securities together have an intimate knowledge of the local market in this area, as well as national development and contracting expertise. Together we have the scale, expertise and resources needed to make the most of the opportunity that this particular scheme presents and we look forward to bringing it forward.”
Based in the East Midlands, Sladen Estates and Peveril Securities have an established background in the regional and national commercial property markets, with a track record of delivering large-scale developments across the UK.
Peveril Securities is the property development division of Bowmer + Kirkland, one of the largest privately-owned construction groups in the country. Over the last 20 years, the companies have worked in conjunction to complete projects worth more than £500m in various sectors including commercial offices, industrial, leisure and student accommodation.