Rockspring Property Investment Managers LLP (“Rockspring”), together with their joint venture partner, XLB, embark on a major refurbishment plan at Abingdon Business Park, with a focus on the R&D occupier market.
Abingdon Business Park is a 50-acre mixed-use scheme comprising 360,000 sq ft of office, R&D and industrial property set in the heart of Oxfordshire’s economic and knowledge corridor, located within half a mile of both the A34 and Abingdon town centre. The secure site benefits from 24 hour security and an on-site park management team.
A full re-brand of the park has recently been completed, which includes new signage, marketing material and a modernisation of the Park landscaping. A major refurbishment programme has commenced on approximately 40% (140,000 sq ft) of both the office and industrial accommodation. Furthermore, a 2.5 acre site has been cleared and is being marketed for a 50,000 sq ft pre-let opportunity, thus creating further jobs and boosting economic activity on the site.
Abingdon sits within the A34 Knowledge Corridor, a hotbed for innovation in the South East and home to numerous R&D companies with links to Oxford University. Abingdon saw a renaissance in 2015 with Smeg UK re-locating from Milton Park bringing c.300 jobs to the town and TH Real Estate are currently undertaking a comprehensive refurbishment of their 35,000 sq ft HQ building on Wyndyke Furlong, Abingdon Business Park. Furthermore, industrial units on Nuffield Way have also been subject to improvement works during the year and there is investment planned for the Fairacres Retail Park.
Abingdon Business Park offers a range of newly refurbished office accommodation varying from 1,000 sq ft to 18,824 sq ft at Hitching and Windrush Court. There is also a comprehensive refurbishment underway on 93,000 sq ft of R&D industrial space at Blacklands Way and Colwell Drive. These can cater for R&D industrial requirements from 2,000 sq ft upwards.
Richard Bains, Partner at Rockspring and Fund Manager of the UK Value series says: “We have made good progress in the months since the site was purchased and we have taken significant steps to refurbish existing buildings and improve the offering through a proactive asset management strategy. We now have several refurbished buildings that are ready for occupation and can accommodate a range of businesses requiring a well-managed secure site, easy access to the A34, close proximity to town centre amenities and in an area recognised for the quality of skilled workforce.”
Rockspring, on behalf of its UK Value 2 Fund (“UK Value 2” or the “Fund”), acquired the business park from Standard Life Investments in May 2015 for a purchase price of £36.4m. Major occupiers at the park include UK Mail, Orchid Cellmark, Taylor Wimpey, Howdens, Gigaclear, Oxford Engineering and M-Flow.
For further information visit: www.abingdonbusinesspark.co.uk or contact: VSL & Partners on 01865 848488 or Lambert Smith Hampton 01865 200 244.