Royal London Asset Management Property has acquired the 77,000 sq ft Eyston Way industrial scheme to expand Abingdon Business Park in Oxfordshire. The sale price was not disclosed.
The company has also secured planning permission for a 24,000 sq ft unit at the park and completed the refurbishment of a 54,000 sq ft unit, which it has let to Oxford Nanopore Technologies.
Located on a 50-acre site adjacent to the A34, just outside of Abingdon town centre, the park comprises 550,000 sq ft of industrial and innovation real estate and is home to a mix of R&D, life sciences, tech, engineering and manufacturing tenants.
James Orr, head of industrial and logistics at Royal London Asset Management Property, said: “Royal London Asset Management Property’s expansion in Abingdon Business Park reinforces our commitment to fostering innovation and growth. The refurbishment of a 54,000 sq ft building and the pre-let agreement with Oxford Nanopore Technologies, a leader in DNA sequencing technology, demonstrate our expertise in attracting and accommodating cutting-edge companies. This solidifies Abingdon Business Park’s reputation as a premier hub for research and development, benefitting both our business and the broader market.”
Royal London Asset Management Property has also sold the 93,000 sq ft Unit 21 Thorpe Way in Leicester to Wesleyan Assurance Society for an undisclosed price. The property was marketed for offers in excess of £11m.
Located on Grove Business Park, in Enderby, the unit is let to fashion retailer White Stuff until 2028 at an annual rent of £706,276.
Mark Rooke, director in MK2 Real Estate’s investment team, which marketed the asset, said: “We are pleased to have concluded the sale of Unit 21 to Wesleyan Assurance Society, on behalf of Royal London Asset Management Property. The industrial and distribution market in Leicestershire has proven to be a strong performer over recent years, with rental growth above the national industry average. Coupled with high levels of demand for space in the region and a shortage of available and pipeline industrial stock, the investment fundamentals are compelling.”
Joe Curlett, head of property at Wesleyan Assurance Society, added: “The acquisition of Unit 21, Grove Park, Leicester, is a great addition to Wesleyan’s growing commercial property investment portfolio.”
