Aver Property Partnership, a joint venture between Ergo Real Estate and NFU Mutual, is spending more than £24m on developing a distribution and manufacturing park in Bicester, Oxfordshire.
The industrial park, called Axis Junction 9, will be available for tenant occupation in September. The jv forward purchased the park from Howes Lane and Albion Land last year.
The development comprises 200,000 sq ft across five buildings, three of which sit in their own self-contained sites, ranging in size from 23,000 sq ft to 64,000 sq ft.
It features photovoltaic panels installed on the roof of each facility to satisfy a zero-carbon planning requirement.
Leigh Burnett of Ergo Real Estate said: “Bicester’s excellent location on the London to Birmingham M40 route and being close to Oxford is driving substantial expansion in the region.
“Our investment in this development will provide quality buildings for companies needing high-spec distribution and manufacturing space with significant combined rent and business rates savings compared to similar South East buildings.”
Ergo was set up last year by Martin Jepson, the former president and chief operating officer of Brookfield Property Partners, and Christopher Cope, the former founding partner of Grafton Advisors.
Cope left the firm in June.
Colliers International, White Commercial and VSL are providing leasing advice on the scheme.
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