Westcott Venture Park has been granted planning consent to develop a new headquarters warehouse building in a prominent location on the 650-acre site, which is located between Aylesbury and Bicester.
The permission, obtained from Aylesbury Vale District Council, allows a new development of Grade A warehouse accommodation comprising 25,000 sq ft set on 1.5 acres of the park. Rockspring Hanover Property Unit Trust will invest an estimated £1.75 million in this development once a pre-let has been agreed.
Nigel MacKenzie, project manager at Westcott Venture Park says: "This announcement follows our recent major letting to Total Carbide, which is soon to relocate its European manufacturing headquarters to the park. This means we are still running at a 92% occupancy rate."
"We believe the new headquarters building should be well placed to capture the growing demand from major International companies seeking a first-class business environment with the excellent security and amenities we provide. There is no end user driving the development at this stage, however, through our conversations with occupiers, we’ve identified a need for accommodation ranging from 20,000 sq ft to 30,000 sq ft, which we will seek to satisfy with this new headquarters premises which is to be called Building 4000."
Colin Theobald, director at Lambert Smith Hampton and managing agent at Westcott Venture Park explains: "These strategic development opportunities are rare and we are aware of only one existing Grade B unit of 30,000 sq ft currently available in Bicester. With the severe lack of Grade A warehouse accommodation in the region, this signature building will be highly sought after."
Westcott Venture Park totals apx 400,000 sq ft of net lettable industrial and office space and is currently 92% let with 31,340 sq ft remaining.