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With its original roots in Silverstone, it was only fitting that Prodrive, one of the world’s largest motorsport and technology businesses, appointed Northamptonshire based Prop-Search to advise on its expansion in Banbury.
The company has agreed a pre-let on an 111,500 sq ft design and build headquarters unit at Central M40 in Banbury, which is being developed by Barwood developments and British Airways Pension Fund. This new facility, to be ready for occupation in March 2015, will be Prodrive’s third headquarters. The company was originally based at Silverstone in 1984, before moving to Banbury in 1986, where a single building housed its then BMW race and rally teams.
Ian Harman, a Director of Prop-Search, said: “It was clear from the outset that Prodrive required a site no less prominent that than its existing facility and that offered modern functionality. Whilst the company is best known for motorsport, it has diversified to become a technology business working in a range of interconnected sectors.”
David Richards, Chairman of Prodrive, added: “Our current site had become a familiar landmark for millions of motorists who have driven up and down the M40 over the last 20 plus years.”
“Whilst we are best known for our motorsport success, this now only represents a third of our turnover. If you walk around our site today you will see Aston Martin racing cars and Mini rally cars being prepared in workshops right next to advanced active aero systems for road going supercars; interior modules for luxury cars; advanced hybrid systems; and even the next generation of control systems for racing yachts.”
Over the past 28 years, Prodrive had expanded from one to 12 separate buildings on Acorn Way in Banbury. Once built, its new single facility will be approximately 30 per cent larger than its current accommodation. Its existing site will be cleared to make way for the new Banbury Retail Park where occupiers including M&S, Next and Primark are reported to have already committed to taking space.
Central M40 has consent for up to 1,240,000 sq ft of warehouse and distribution space and Barwoods are also in the throes of constructing a further new 235,000 industrial/distribution unit - ready for occupation in May 2015.
Prop-Search acted on behalf of Prodrive, with CBRE and White Commercial representing Barwood Developments and British Airways Pension Fund.