Patrizia has successfully completed the final letting of its 47,000 sq ft, Century Court light industrial development at Westcott Venture Park, located adjacent to the A41 between Aylesbury and Bicester.
Phase II of the speculatively built industrial development comprises a total of 23,000 sq ft in five units ranging in size from 3,000 to 12,000 sq ft. Construction of the development was completed in September 2018 and all five units within Phase II were fully let within nine months. Phase I comprising seven units in 24,000 sq ft was completed in July 2015 and achieved full occupancy within 15 months.
The 12 unit scheme has been let to 10 occupiers, five who have expanded on the Westcott Venture Park and five to new companies to the estate. Rents of up to £8.50 per sq ft have been achieved.
The Century Court scheme represents an overall investment of £3.7 million and there are further infrastructure, speculative and pre-let developments in the pipeline.
Rod Mordey, Director at PATRIZIA, said: “Century Court was a major speculative investment, so it’s good to see our confidence in this scheme repaid. The new development has not only attracted new businesses to the park but has also facilitated the expansion of existing occupiers.
“Westcott is a unique business park with a national cluster of specialist companies building upon the site’s history in rocket motor propulsion. There are also large numbers of engineering, light industrial and warehousing occupiers all housed within the 650 acre landscaped grounds behind a security, fence with a barriered security entrance and CCTV. Solar energy generation and environmental initiatives form major aspects of the business plan and hence Westcott’s strap line to support its market initiative is ‘space and security for sustainable growth’.
“It’s been an exciting time at Westcott following considerable investment and development. As a result, our proposition has evolved, so we are rolling out a full rebrand of the site and have just unveiled the Park’s new website.”
Westcott Venture Park is now home to over 80 businesses employing over 600 people and is managed by Lambert Smith Hampton. The Park is now evolving with a major investment programme to improve and further develop facilities and infrastructure, providing companies based at the Park with an excellent service and sense of belonging to the Westcott community.