Bridges Fund Management and Equation Properties have sold the 154,268 sq ft Verda Park industrial scheme at Wallingford, South Oxfordshire, for an undisclosed price.
The joint venture partners acquired the redundant 7.5-acre employment site in early 2020 and secured planning consent later that year to deliver a 12-unit scheme.
Construction of the scheme, which has been certified EPC A+, BREEAM Excellent and net zero carbon in operation, completed in 2022 and the joint venture partners put the site up for sale last year with a reported price tag of £31m+.
Henry Pepper, partner at Bridges Fund Management, said: “We recognised in 2020 that trends like the rise in ecommerce and re-shoring would increase demand for well-located, well-designed industrial units. Verda Park is a great example of how our focus on creating best-in-class sustainable industrial buildings in great locations enables us to deliver assets that are highly attractive both to corporate occupiers and to institutional investors. By redeveloping this vacant site, we are also supporting job creation and economic growth in the local area.”
Richard Batham-Read, managing director at Equation, added: “A deep-dive analysis of the local and regional market here has certainly proven our research right. With the evident success of Harwell SIC, and very limited supply, we were able to capitalise on the demand for smaller units of 8,000 sq ft to 30,000 sq ft, letting space to a diverse range of occupiers. This, coupled with the scheme’s strong sustainability credentials, has seen rents surpass £14/sq ft.”
Bridges and Equation were represented by Kimmre.
