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16th December 2020

Deal agreed with Ocado on the last speculatively developed facility in TBBR portfolio

We have signed up online retailer Ocado Retail to the last available speculatively developed logistics facility in the Tritax Big Box REIT (TBBR) portfolio, at Symmetry Park, Bicester.

The online retailer has taken unit B, comprising 163,664 sq ft on a 20-year lease. Once operational in 2022, the scheme will be used to further improve its distribution across Oxfordshire for the rapidly growing online grocery customer base. The facility will be one of the most advanced in the world with high tech robotics and will create around 900 jobs with an investment of c. £50 million to the local economy.

Symmetry Park, Bicester extends to 53-acres and is home to Bentley Designs (88,000 sq ft); Medline Services (110,000 sq ft) and DPD Group (60,000 sq ft) which is currently under construction and due to be completed in April 2021. The distribution hub for DPD is the first net zero carbon in construction building in the Tritax portfolio.

In addition, the Park has planning consent in place on additional land , which can be built out as one unit (c.270,000 sq ft) or alternatively as two smaller units (170,000 & 90,000 sq ft) subject to tenant interest.

Speaking about the letting, Tom Leeming, development director at Tritax Symmetry, commented: “Ocado is a long standing Tritax Big Box customer and this letting demonstrates the inherent value in being able to use our development platform to swiftly accommodate an existing customer’s evolving occupational requirements.  Let on a long 20-year lease this prime, highly sustainable and automated facility will play an integral role in Ocado’s regional distribution network for many years to come. We are delighted to welcome this household name, the associated employment opportunities and investment to Cherwell and Symmetry Park, Bicester.”

“As the significant growth in online retail continues, demand for prime, strategically located logistics facilities continues to strengthen across the UK.  Local Authorities, by consenting to logistics land use, can play an important role in helping to drive the regional economic recovery.”

Danny Kennedy, Senior Real Estate Program Manager at Ocado said: “We’re pleased to partner with Tritax Symmetry on this new site. Our operations from this site will create 900 jobs for local people and contribute £50m to the local economy, as well as serving a growing customer base in the region. We’ve seen a huge demand for our services this year and we’re pleased to be able to expand our operations to serve tens of thousands more customers from this site in Symmetry Park.”

Earlier this week, we announced the next phase of development at MA6NITUDE in Middlewich, Cheshire.  With detailed planning consent already in place, two warehouse / distribution facilities comprising 149,000 sq ft and 41,000 sq ft will be built on a speculative basis with work due to start in in Q1 next year.

DTRE and Savills are joint letting agents for the scheme.

Gerald Eve represented Ocado.

Quoting rental is undisclosed.

 

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