Barwood Capital and db symmetry have agreed a £14.25million funding agreement with Aberdeen Asset Management which will see the development of a new 38,500 sq ft Waitrose Food Store in Banbury, Oxfordshire.
The new scheme is to be built on vacant land next to the Mondelēz International factory, which is home to Jacobs Douwe Egberts, on Southam Road. Aberdeen Asset Management has acquired the site from Mondelēz in a deal worth £6million. The developers and Waitrose have now finalised plans, and the construction programme and completed the tender process for contractors enabling work to get underway with completion scheduled before Christmas 2017.
The announcement comes after the scheme was granted planning permission by Cherwell District Planning Council in July last year following a high level of public support from the community.
The site was acquired for Barwood’s 2012 Property fund, a closed ended five year fund that closed in November 2012 with the ability to secure more than £50 million of commercial and residential property assets.
Edward Henson, director, Barwood Capital commented: “We are delighted to have secured the forward funding of this key Banbury development site which is a great result for both the local area in bringing a Waitrose to the town and to our 2012 investors by locking into this forward sale.”
Speaking about the deal, Harry Sadleir, development director at db symmetry, added: “This deal will not only bring Waitrose to Banbury, but the funds raised for Mondelēz through the disposal will allow the company to invest in the improvement of the factory. With further opportunities available on the remainder of the site, Waitrose’s decision to open here should act as a catalyst for further development in the area.”
Waitrose director of property, Nigel Keen, continued: “We are now closer to realising our long-standing ambition to have a branch in Banbury. This is an excellent site for our new store and believe its presence will make a positive contribution towards the town’s future.”
In October 2016, Barwood Capital launched its fourth UK regional real estate fund targeting £75 million and a 15% investor IRR. The 2017 Fund will focus on similar on and off market acquisitions across the UK outside London and is currently open to new investors.