This week, we announced the sale of our speculatively developed 110,000 sq ft Unit A2 at Symmetry Park, Bicester, to Medline Services Ltd, the UK services arm of Medline International. The announcement coincides with the submitted of our next detailed planning application to Cherwell District Council for the second phase of development, a warehouse building totalling 163,130 sq ft.
Medline, a privately held manufacturer and distributor of quality medical and surgical supplies, has purchased the freehold of the unit to launch its Prime Vendor solution in the UK and seeks to accelerate its growth in this strategic market. Medline UK’s main office remains located in Knutsford, while Medline Services Ltd identified Symmetry Park, Bicester as a central, strategically important location from which to operate their new services. The deal comes after the building was launched to the market just two weeks ago.
This logistics building is one of two units that were developed at the Park; the first building (88,000 sq ft) was pre-sold to Bentley Designs who took occupation in December ’17, and Unit A2 was delivered speculatively at the same time.
Speaking about the success of Symmetry Park, Bicester, Tom Leeming, Development Director at db symmetry, commented: “We are excited to welcome Medline Services to Symmetry Park, Bicester to join Bentley Designs as the second occupier on site. The sale of the speculative Unit A2 only six weeks after practical completion further reinforces our belief that Bicester and the M40 are prime, undersupplied distribution locations. We have space on the remainder of the outline consented site for a further c. 314,000 sq ft of B8 development and plan on delivering further units at the site in the very near future.”
Gordon Reynolds at Cushman & Wakefield, who advised Medline Services, said: “Securing a Grade A building on a freehold basis was always going to be a challenge, given the constrained supply of the South East market. We are delighted to have been able to assist Medline Services in this acquisition as they expand their business within the UK.”
Savills and DTRE represented db symmetry.
The determination on the latest planning application is due in April.