Bicester distribution park sold to Mirastar for in excess of £30 million

IM01 – Elevated view

Albion Land, the privately-owned commercial property developer and asset manager, has forward sold phase three at Axis J9 to Mirastar, the pan-European developer, investor and manager of logistics assets, for over £30 million which is another significant investment in Bicester’s economy.

Axis J9 is the new distribution and manufacturing park in Bicester, Oxfordshire which by the end of 2021, will total around 480,000 sq ft across 14 buildings to provide high quality employment units for both expanding local businesses and large organisations looking to relocate to Bicester.

Phase three of the project will comprise two logistics and industrial buildings totalling 250,000 sq ft: Unit 6 will be 90,000 sq ft and Unit 7 160,000 sq ft.

Detailed planning permission has been granted and construction work started in February 2021, with completion of both buildings by the year end. The news follows the recent letting and sale of the entire phase two totalling seven units to mostly local occupiers. Phase one totalling 200,000 sq ft in five buildings, was pre-sold to Aver Property which is in current negotiations to let to regional and international businesses.

Located west of Howes Lane and north of Middleton Stoney Road, the area was identified for employment development space by Cherwell District Council as part of the Local Plan (2011–2031) and is three miles from Junction 9, M40. The development is expected to generate many high quality jobs and to be a major contributor to Bicester’s economy.

Simon Parsons, director, Albion Land said: “Axis J9 is meeting the need from companies looking for industrial and logistics space to expand their businesses and to locate in Bicester. The development will help to expand the town’s economy, reduce out commuting and create jobs for Bicester. There are a number of occupiers which have already expressed firm interest in the buildings. The forward sale of phase three to Mirastar has enabled construction to start on a further 250,000 sq ft to meet the pent-up demand for slightly larger units from local, national and global businesses needing to be in the town to benefit from its many advantages including the proximity to the M40, excellent road and rail connections and a skilled local workforce.”

Ekaterina Avdonina, chief executive officer, Mirastar added: “We are delighted to have invested into this project with Albion Land. Bicester is a rapidly growing town with excellent connections and Axis J9 is very well positioned to help unlock this potential. We are already seeing serious enquiries from logistics and industrial companies which are sure to result in exciting new employment opportunities for the town. The project also fully meets the Fund’s objectives to invest in high quality buildings in leading locations that also offer further opportunities to add value through active management.”

Albion Land has invested in numerous projects in Bicester to provide high quality commercial buildings and help create jobs. Albion’s next project is Catalyst Bicester, a new technology and manufacturing business park, will include up to 300,000 sq ft of workspace and a David Lloyd Health & Fitness Club. The project is now underway with first phase buildings to be completed in Q1 2022.

Colliers International and Steptoe and Johnson LLP represented Albion Land; ACRE Capital Real Estate LLP, Chris Freer-Smith and Osborne Clarke represented Mirastar.

Axis J9’s lettings agents are VSL, White Commercial and Colliers International.