Sackville Properties has purchased a 50-acre site near Warwick from Severn Trent Property to develop as a business park.
Plans for a 710,000 sq ft office scheme, which already has planning consent, have been developed by Sackville, which is majority owned by Reading Football Club chairman John Madejski.
The estimated value of the scheme, to be known as Tournament Fields next to junction 15 of the M40, 11 miles from the M42 near Birmingham airport, is more than £120m.
Sackville has retained Severn Trent, which won planning consent and had also completed infrastructure work for the site, as development manager.
The first phases of development, scheduled to begin this month, will be 40,000 sq ft of small offices known as Tournament Court.
An unnamed occupier has already agreed to a 10,000 sq ft prelet. Rents are expected to be about £20 sq ft.
References: Property Week 13/01/06
