Third phase acquisition at Axis J9

Albion Land has forward sold phase three of its Axis J9 development at Bicester for £30 million.

Developer and investor Mirastar, which operates across Europe, has acquired the scheme which consists of two logistics and industrial buildings, one of 90,000 sq ft (Unit 6) and one of 160,000 sq ft (Unit 7).

Construction started in February, with completion of both buildings due by the end of the year. Both phases one and two had previously been sold.

Simon Parsons, director for Albion Land, said: “Axis J9 is meeting the need from companies looking for industrial and logistics space to expand their businesses and to locate in Bicester.

“The development will help to expand the town’s economy, reduce out commuting and create jobs for Bicester. There are a number of occupiers which have already expressed firm interest in the buildings.

“The forward sale of phase three to Mirastar has enabled construction to start on a further 250,000 sq ft to meet the pent-up demand for slightly larger units from local, national and global businesses needing to be in the town to benefit from its many advantages including the proximity to the M40, excellent road and rail connections and a skilled local workforce.”

Ekaterina Avdonina, chief executive of Mirastar said: “We are already seeing serious enquiries from logistics and industrial companies which are sure to result in exciting new employment opportunities for the town.

“The project also fully meets the fund’s objectives to invest in high quality buildings in leading locations that also offer further opportunities to add value through active management.”

Colliers International and Steptoe and Johnson LLP represented Albion Land. ACRE Capital Real Estate, Chris Freer-Smith and Osborne Clarke represented Mirastar.

Axis J9 lettings agents are VSL, White Commercial and Colliers International.

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