Motor parts group Unipart is seeking a £40m sale-and-leaseback of its UK office and distribution HQ.
Best bids were due in last week for the 70-acre (28ha) site in Watlington Road, Cowley, Oxford. The site comprises 1m sq ft (92,900 sq m) of distribution space and 250,000 sq ft (23,225 sq m) of offices, including the firms national HQ, Unipart House.
The deal will include a leaseback to Unipart for two years at a rent of around £4m pa.
Sources said that Unipart plans to consolidate its operation into a smaller portion of the site when the two-year lease has expired.
The site has attracted developers including ProLogis, io Group and Gazeley/British Land, which are believed to be the frontrunners.
BMWs and Rovers distribution operations at the site will not be affected by the sale.
Although the site was proposed as a redevelopment opportunity, sources said whoever buys it is equally likely to retain the high-quality buildings after the leaseback to Unipart and relet them.
The scheme also includes around 10-acres (4ha) of surplus land, which could support up to another 200,000 sq ft (18,580 sq m) of distribution space on the site.
Rapleys, which is advising Unipart, refused to comment on the deal.
See Saturday’s Estates Gazette for the full version of this story.
EGi News 22/02/02
