Bicester is Booming as Key Industrial Scheme Rolls Out
Funding agreement enables the completion of Albion Land’s Link 9 speculative development
UK Real Estate Investment Trust, RDI REIT has announced a £26 million forward funding agreement which will see the speculative development of two new warehouse units at Albion Land’s Link 9 in Bicester.
Situated on a 40-acre site, Link 9 is a major new distribution, production and headquarters development, strategically located close to Junction 9 of the M40.
Construction has started on phase three, which will see a new 120,225 sq ft high quality distribution unit built, ready for occupation in April 2019. RDI will also fund development of phase four, a 168,058 sq ft unit which is expected to be ready for occupation in November 2019.
Tom Barton, director at commercial property agents VSL which is marketing the scheme, said: “The scale of Link 9 has not been seen before in Oxfordshire in terms of speculative industrial development and its significance for Bicester and the surrounding region cannot be underestimated.”
Albion Land developed the first phases of construction at Link 9 and will continue on as development partner to oversee the construction of phase three and four, following the sale of the 13.5 acres to RDI REIT.
Simon Parsons, director, Albion Land, added: “The success we have had with the initial phases at Link 9 is encouraging and we have already had strong interest from occupiers on the two new speculative units.”
Sarah Jones, Senior Asset Manager, RDI REIT, concludes: “The acquisition of high quality distribution assets in Bicester, through a forward funding agreement, presents a clear opportunity to increase our exposure to a sector with strong structural support and rental growth prospects, at an attractive entry price."
Network 9 is a key part of the jigsaw in the overall development of Bicester with major employers queuing up to move in.
British Bakels pre-purchased an 80,000 sq ft building on the scheme which it will use as an additional distribution facility to support its main manufacturing operation in Granville Way.
Bicester itself is expanding rapidly expanding with the town’s population set to increase from 30,000 to 50,000 by 2031. The town already offers a skilled workforce which should increase substantially.
The town is a focus for development due to its excellent road and train connections coupled with the ready availability of land to accommodate infrastructure projects. A new rail connection to London and Oxford was recently opened as well as road junction improvements to the M40 and Bicester town.
This has already encouraged further development including expansion of the Bicester Village retail park and a comprehensive redevelopment of the town centre.
A further 10,000 homes are set to be built by 2031 with several schemes currently ongoing such as Graven Hill, the UK’s largest self-build residential project. Link 9 is in close proximity ensuring its workforce will be accommodated locally.
VSL & Partners, Colliers International and White Commercial are jointly marketing the speculative space at Link 9. For further information please contact Tom Barton on 01865 848488 or visit www.vslandp.com or visit www.link9.co.uk
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