Prodrive, one of the world’s largest motorsport and technology businesses, is relocating its headquarters to a new purpose-built facility at Central M40 Banbury.
The company has agreed a pre-let on a 111,500 sq ft design and build unit at the site, which is being developed by Barwood Developments and British Airways Pension Fund.
CBRE and White Commercial advised Barwood Developments and British Airways Pension Fund on the pre-let.
The new facility will be Prodrive’s third headquarters. The company was originally based at Silverstone in 1984, before moving to Banbury in 1986, where a single building housed its then BMW race and rally teams.
Over the last 28 years Prodrive has expanded from one to 12 separate buildings. Once built, the new single facility will enable it to rationalise its operations, allowing far more efficiency. The company’s 40,000 sq ft composite manufacturing operation will remain in Milton Keynes.
Construction of the new facility is due to commence in August with occupation in March 2015. Prodrive’s current headquarters will be cleared in September to make way for a new retail park, which will open in late 2015.
David Richards, chairman of Prodrive, said: “It became clear that our current site would not be suitable for our future needs as while motorsport remains core to our business we have diversified into a number of new areas.
“Our current site has become a familiar landmark for the millions of motorists who have driven up and down the M40 over the last 30 years. However, our new location will be no less prominent and the increase in size of the facility will allow us to expand into new and exciting arenas beyond motorsport.”
Richard Meering, senior director in CBRE’s industrial agency team, said: “This is the first pre-let at Central M40 Banbury, which will kick-start development at the scheme. The deliverability of the site, coupled with an experienced project team, have enabled a greatly reduced construction programme than would be achievable elsewhere.
“The site’s prominent location, with visibility from the M40 motorway, was seen as a major benefit to Prodrive as it will enable it to promote its business to the 600,000 vehicles that pass the site every week.”
Central M40 Banbury has consent for up to 1,240,000 sq ft of warehouse and distribution space.
