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News Release


Jones Lang LaSalle announces the acquisition of 137,000 sq ft in Banbury

London, 20th September 2011 - Albion Land, advised by Jones Lang LaSalle and White Commercial, has announced that Goodrich CTG (part of Goodrich Corporation); leaders in carbon fibre technology are taking 137,000 sq ft, including 37,000 sq ft of offices on 6.17 acres at their Network M40 Development at Banbury. The new facility, costing approximately £9 million will allow Goodrich CTG to expand extensively, work more efficiently and innovate new products; the build is set to be completed by spring 2012. Colliers acted for Goodrich CTG.

The deal follows soon after Albion Land pre-let their adjoining site to First Line who will be taking another 131,000 sq ft on a new 25 year lease. The completed development has also been forward sold to a Pension Fund client of Whitmarsh Holt Young for £8.65m. Jones Lang LaSalle and White commercial advised Albion on the letting and Whitmarsh Holt Young and Baker Pugh McLean advised on the investment sale.

Network M40, located by junction 11 on the M40, was purchased from Kennet Properties last year and is one of the first speculative land purchases since the recession. Albion Land improved the planning consent and concluded both transactions in just over 12 months.

Simon Parsons, Director of Albion Land, says; “Albion identified this site as a strategic opportunity on the M40 as one of the few locations between London and Birmingham able to accommodate these large units. These deals demonstrate the attractiveness of the location to occupiers. On the strength of demand we are now keen to consider other opportunities along the M40”