BMW’s historic Berkshire home of 30 years has been snapped up by SEGRO as the sheds giant looks to replenish its development pipeline.
The industrial REIT saw off competition from as many as 30 parties for the two sites, which total 13 acres. It will pay the German car maker £18m for the assets on Ellsefield Avenue and Lovelace Road in Bracknell.
SEGRO plans to demolish the 80,000 sq ft of offices and 270,000 sq ft of warehousing on the site and replace them with a 200,000 sq ft industrial scheme.
It is expected to build as many as six 40,000 sq ft sheds which it will market for prelet, subject to planning from Bracknell Forest council.
Gareth Obsorn, business unit director at SEGRO, said: “With industrial stock around the lowest point it has ever been in the Thames Valley, yields are becoming increasingly competitive, so our development programme is the best way for us to add value to a site.”
BMW appointed GVA to market the site last year after deciding to move its Bracknell-based staff to a 300,000 sq ft office complex in Farnborough, Hampshire.
Lambert Smith Hampton acted for SEGRO.
