BARINGS ACQUIRES NEWLY COMPLETED INDUSTRIAL UNITS IN BICESTER FOR £12.8 MILLION
Barings, part of Barings LLC and one of the largest diversified real estate investment managers in the world, has acquired (on behalf of an institutional investor) five units at the new Network @ Link 9 Development industrial scheme in Bicester www.networkl9.co.uk for £12.8 million.
The five properties, of which two are now under offer, provide 101,500 sq ft of new Grade A light industrial accommodation with floorplates ranging from 14,158 to 30,050 sq ft in size. The units, which can be combined to accommodate tenant requirements, include office space with raised flooring and comfort cooling, as well as ample parking. With limited existing quality stock in Bicester and surrounding areas, combined with a diverse and strong occupier market, it is anticipated that demand for the units will be strong. Current occupiers of neighbouring units include Teknos, British Bakels and Oxford Safety.
Bicester is at the forefront of Oxfordshire’s growth plan due to the area’s exceptional road and rail connections and the population is expected to rise by a further 20,000 in 2031. Bicester’s location on the M40 close to Oxford and Bicester Village Designer Retail Outlet is at the heart of a dynamic regional economy with strong growth in the hi-tech and science based sectors, as well as advanced manufacturing and logistics distribution.
Darren Hutchinson, Barings Managing Director and Head of U.K. Real Estate Transactions, said: “Network @ Link 9 is a high quality estate in a growing and undersupplied market. With its strong transport links and proximity to the M40, demand for industrial space in Bicester is at an all-time high. Given our extensive capabilities in the industrial sector and early interest from several prospective tenants, we are confident in our ability to lease-up the property.”
Chris White, Managing Director of White Commercial Surveyors, says “Network @ Link 9 has proved an exceptionally popular development on the basis that few new units of this size are available in the south east. We have seen excellent demand for the premises already. The completion of Network @Link 9 and units acquired by Barings, is already driving additional occupational demand and further lettings at the scheme will be announced.”
Joint marketing agents at the scheme are White Commercial www.whitecommercial.co.uk, VSL & Partners www.vslandp.com and Colliers International www.colliers.com