GRAINGER SECURES £62.8 MILLION FUNDING FOR OXFORD’S FIRST BUILD TO RENT SCHEME

Advanced manufacturing unit plans for Ansty Park in Coventry unveiled by Barberry

An £11 million advanced manufacturing unit is set to be developed at a business and technology park in Coventry by commercial property developer Barberry Industrial Ltd.

The company has revealed plans for a 50,750 sq ft industrial unit at Ansty Park, which is already home to major occupiers Rolls-Royce, Cadent, The Manufacturing Technology Centre, Meggitt and The London Taxi Company.

Grainger plc has agreed to forward fund and acquire a 150-home build to rent scheme at West Way Square in Botley, Oxford – the first build to rent scheme in the city.

The 150-apartment development in West Way Square will be developed by BDC Phase 2 Ltd, a Joint Venture between Mace Group and Doric Properties.

Colliers’ Residential Capital Markets team facilitated the £62.8 million deal, which includes seven ground floor commercial units totalling over 10,000 sq ft, internal residents’ amenity space, a podium garden, roof terrace and 120 parking permits.

The scheme is a mixed-use development close to the city centre and railway station. Gilbert Ash has been appointed as the main contractor on this second phase of the development, and completion is targeted for late 2024.

Mike Butler in the Residential Capital Markets team at Colliers, said: “Breaking into Oxford for investors has long been a target for many in the sector, with barriers to entry high given the dearth of available land. We’re thrilled to have facilitated this ground-breaking deal, particularly in a city in need of high quality rental homes for its growing population and economy, which offer outstanding long-term prospects.”

Helen Gordon, Chief Executive Officer of Grainger, said: "We are delighted to secure our first scheme in Oxford, a key target city with robust underlying fundamentals and a great need for high quality rental homes. The convenient location and connectivity of West Way Square makes it attractive for those working in the city centre or at the many local business and science parks.”

Jon Robinson, development director at West Midlands-based Barberry, said: “Ansty Park is one of the most significant business and technology parks in the Midlands.

“New buildings such as this help to create the quality accommodation that local, regional and national businesses need in order to expand their operations within the Midlands, creating new jobs and attracting investment. We continue to see significant occupier demand for new industrial and warehouse units.”

Barberry has a 3.6 million sq ft industrial/logistics development portfolio with a gross development value of in excess of £500 million. It is currently developing a £40 million manufacturing and design facility for a global leader in engine and flight controls systems in Gloucestershire. The 207,000 sq ft centre of excellence for Moog’s Aircraft Controls Segment is being built on a 10-acre site at Ashchurch, Tewkesbury.