Aver Property, a joint venture between Ergo Real Estate and NFU Mutual, has completed the sale of Axis J9, its high-spec logistics hub in Bicester, Oxfordshire, a total of 200,000 sq ft spanning across five units. This hugely successful scheme was completed within an extraordinarily fast time frame, from deal to completion in 18 months. Leigh Burnett, Asset Manager at Ergo Real Estate said:
“The efficient sale of Bicester is testament to the experienced and professional team involved. After the purchase in September 2019, Practical Completion was achieved September 2020 and by March 2021 was fully let on straight 10 year leases to Arrival, an innovator in the Electrical Vehicle (EV) market and Origin, the UK’s leading specialist manufacturer of bespoke aluminium Bi-folding Doors and Windows.”
Part of the proceeds of Axis J9 will fund the purchase of Eden House, 23-25 Wilson Street, a 13,000 sq ft office property located in the heart of the City of London. The property has been bought with Vacant Possession and a full refurbishment will be undertaken, with target completion set for early 2022. James Jepson, Investment Executive at Ergo said:
“Eden House represents an attractive repositioning opportunity and the fund’s entrance into the London market. The Property will provide newly refurbished, Grade A office space in a part of the City renowned for its attraction to a wide array of occupiers.
The purchase underpins our interest in further diversifying the Aver Property portfolio and we are excited at the opportunity to create a product within such an established sub-market.”
Aver Property (a joint venture between Ergo Real Estate and NFU Mutual) was advised by Compton on the purchase of Eden House. Ereira Mendoza acted for the Vendor.