Tritax Symmetry has signed up Arrival, the British electric vehicle manufacturer, to the last remaining unit at the final phase of CM40 in Banbury, underlining the strength of demand for prime space along the M40 corridor.
The final phase comprises two units. Arrival took 198,750 sq ft in October last year and has since taken the decision to take another 145,426 sq ft as part of its ongoing expansion. Both deals were agreed on 15-year leases.
A&H Construction has delivered both buildings to net zero carbon in construction. The units offer 15 metre eaves height, twin service yards, 50kN/2 floor loading, 25% roof coverage solar power and have a BREEAM “Very Good” Rating.
Speaking about the end of its involvement at CM40, Joseph Skinner, associate development director at Tritax Symmetry, commented: “We have seen unprecedented demand for prime, sustainable logistics space in this area of Oxfordshire. Most of these units were pre-let or let prior to practical completion and, as we stand today, there is currently a severe shortage of allocated land available to accommodate new requirements.”
Joseph continued: “We have successfully secured 1.3 million sq ft for a wide range of occupiers, from start-ups and third party logistics providers to automotive and online retail and are proud to have played a significant role in bringing these businesses to the area and establishing the M40 corridor as a major business destination.”
Situated on the M40 at Junction 11, CM40 Banbury is home to third party logistics provider, Great Bear Distribution (335,000 sq ft); British baking firm Warburtons (83,750 sq ft); Integrated supply chain solution specialist, TVS SCS (95,000 sq ft); Online homeware retailer, Rinkit (78,000 sq ft); Meal-kit subscription delivery service, Hello Fresh (237,000 sq ft) and world leading motorsport and advanced technology business, Prodrive (114,000 sq ft).
Burbage Realty, CBRE and Colliers are joint agents for CM40 Banbury.
Tom Barton from VSL & Partners advised Arrival Ltd.
Tritax Symmetry is the dedicated logistics developer of Tritax Big Box REIT plc (TBBR).