White Commercial, acting for UK REIT RDI, has let its recently completed 168,000 sq ft industrial and distribution development at Unit 1B, Link 9, Bicester, to Arrival Automotive Ltd. The UK-based electric van maker now occupies units 1A and 1B totalling close to 300,000 sq ft, committing to a 15-year lease.
This completes the sale and letting of developer Albion Land’s Link 9 scheme in Bicester with over 530,000 sq ft, spread across 11 units on a 40-acre site, now let to occupiers including Teknos Paint, British Bakels and Stagecoach Pension Fund.
Arrival’s relocation to Bicester follows the company achieving an implied valuation of over £3 billion, following the sale of a 3% stake in the business to South Korean car giants Hyundai and Kia, and a supply contract with US delivery company United Parcel Service (UPS) for 10,000 purpose-built electric vans.
The scheme is strategically located for distribution occupiers by junctions 9 and 10 of the M40, providing rapid access to the national motorway network and commercial hubs of London, Oxford and Birmingham.
Adrian Horsburgh, Property Director at RDI, says: “Arrival Automotive is an exciting and growing company which has an important role to play in helping cities meet net-zero emissions targets with the provision of their game changing electric buses and delivery vans. We are thrilled that they have decided that Link 9 is the right home to help them achieve their growth ambitions, whilst at the same time it clearly supports our decision to press ahead with the forward funding of this asset 18 months ago.”
Chris White, MD at White Commercial says: “This is yet another successful development by Albion Land with RDI capturing Arrival Automotive, a world leading-edge provider of electronic automotive vehicles. Bicester and the M40 corridor are world renowned for their automotive capabilities, being the home to a significant number of automotive businesses including a number of F1 teams.”
