The Japanese car manufacturer bought the site in 1985, but in 2019 it announced that it planned to cease production there this July.
Panattoni has promised to invest £700 million into redeveloping the 370-acre site, much of which has never been built on.
Jason Smith, Director at Honda of the UK Manufacturing, said: “We are pleased to have identified a capable new owner of the site. From our engagement with Panattoni and initial discussions with Swindon Borough Council, we are confident that the new owner can bring the development forward in a commercially timely fashion and generate exciting prospects for Swindon and the wider community.”
Matthew Byrom, Managing Director of Panattoni in the UK, said: “The acquisition of the 370-acre Honda facility demonstrates our capabilities to work at scale. The re-development of this strategic employment site will deliver thousands of new opportunities in roles which underpin the operation of the local and regional economy.”
Susie Kemp, Chief Executive of Swindon Borough Council, added: “The new opportunities outlined by Panattoni will be a major step in Swindon’s rejuvenation following Honda’s exit. Their investment offers a significant boost to the local economy and we are excited by the prospect of this redevelopment creating thousands of jobs for Swindon and the surrounding area.
“We already have a strong working relationship with Panattoni following their recent development of the adjacent site, Symmetry Park, and look forward to working with them over the next year. We understand that Honda’s key aim was to identify a responsible new owner and I believe today’s announcement demonstrates that.”
Business West understands that the buyers intend to bring the site into operational use on a fast timescale, with jobs created during a repurposing period and then when the site becomes operational during 2022.
Phil Smith, Managing Director of Business West, said: “This brings us to the next stage in the formal end of an era for Honda’s involvement in Swindon but opens up a new chapter for the town. The past two years since the first announcement of closure in February 2019 have been a period of considerable uncertainty for both workers and Swindon itself, so this is good news and puts an end to much speculation and concern that the site would lie empty.
“We are very glad that the site will be retained for employment use and it appears that the number of jobs created will be equal or greater than currently employed by Honda. It is also encouraging that the turnaround into its new use will be quick. It will be a boost for economic recovery in the region over the next two years.
“There will be some disappointment in the region that an advanced manufacturer was not secured to take over the site, but the market for logistics is extremely buoyant and wider uncertainty in many global manufacturing sectors may have tempered wider interest. Ultimately, a bird in the hand is better than two in the bush.
“This announcement clearly reflects a broader need for larger strategic employment sites to provide a range of investment opportunities beyond the logistics sector. Our region currently has a dearth of these available and needs to do more in ensuring sites are available within our local planning system to cope with both strong demands for logistics operators alongside more traditional manufacturing employers if we are to fully capitalise on global investment interest.
“Despite this good news, focus needs to remain to ensure new job opportunities are available for Honda associates and the impacted parts of Honda’s supply chain. This announcement means this objective will become much easier. Business West will continue to work to ensure employment remains high in Swindon and surrounding areas.”