Bicester: First phase of logistics park sold for £24m

Albion Land has forward sold phase 1 of Axis J9, a new distribution and manufacturing park at Bicester to Aver Property Partnership, a joint-venture company between Ergo Real Estate and NFU Mutual, for in excess of £24 million.

Phase 1 will total 200,000 sq ft of logistics and production space across five buildings ranging in size from 23,000 to 64,000 sq ft. Construction on site is underway with completion of the buildings in September 2020. Axis J9, situated close to Bicester Village and Bicester park-and-ride, just off Junction 9 of the M40, will be a major employment park providing around 1,200 jobs.

Axis J9 is being built in three phases with phase two comprising seven smaller units (3,400 – 6,100 sq ft) for sale or to lease, five of which are already ‘under offer’, completion in mid-2020. with Phase 3 providing buildings to suit occupier’s and company’s requirements from between 75,000 sq ft and 250,000 sq ft and will be available for sale or on leases.

Simon Parsons, Albion Land, said: “Bicester’s excellent location on the London to Birmingham M40 and close to Oxford renowned for its Bicester Village is well respected and we are in discussions with many companies needing high spec distribution and production space with significant combined rent and business rates savings compared to similar south east buildings. We can also sell buildings to owner occupiers/companies in Phase 2 and 3.”

Chris White, MD of White Commercial, said: “This is yet another excellent development by Albion Land along the M40 Corridor supporting the development and expansion of business and the Oxfordshire economy following on from their recent successful business parks schemes in Bicester and Brackley – where we were instrumental in the success of the schemes.”

White Commercial is providing leasing sale advice and is managing agent for Axis Junction 9. Joint agents are VSL and Colliers International.