14 Nov 24
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Deals Done
In a hugely significant property transaction, QinetiQ Group plc has sold its 407-acre freehold site at Cody Technology Park, adjacent to Farnborough Airport, to Tristan Capital Partners and XLB for £112 million.
The sale, announced at the end of September, was described as part of QinetiQ’s strategy to focus on its core operations while securing a long-term future for one of the UK’s most important centres of innovation.
QinetiQ will remain a key tenant at Cody Technology Park under a 15-year lease, while asset management specialist XLB steps in to oversee the running of the park, which is likely to see a series of upgrades and potential redevelopments aimed at enhancing the park’s appeal as a premier business location.
Cody Technology Park’s history dating back to its origins in 1908 when aviation pioneer Samuel Cody made the first manned flight in the UK on the site.
Over the years, the park has been at the forefront of significant technological advancements, including the development of the carbon fibre patent in 1963, the launch of Britain’s first satellite ‘Prospero’ in 1971, and the creation of night vision technology in the 1980s. Most recently, in 2010, the unmanned aerial vehicle ‘Zephyr’ set a world record for the longest flight. This history of cutting-edge innovation has established Cody Technology Park as a leading centre for research and development in the aerospace, defence, and technology sectors.
Spanning 1.3 million sq ft of high-quality offices, laboratories, R&D space, and industrial facilities, Cody Technology Park has long attracted a range of tenants, from small and medium-sized enterprises (SMEs) to multinational corporations. Its strategic location near Farnborough Airport, with direct access to Junction 4a of the M3 motorway and excellent transport links to London and the South East, makes it an attractive proposition for technology-driven businesses looking to establish a UK base.
However, by its own admission QinetiQ is not a property investment business and the sale of the technology park to a real estate investor marks the dawning of a new era that will see a transformation of the park into a modern business development fit for the 21st century.
Nick Reeve, partner at Curchod & Co, who has worked closely with QinetiQ for fifteen years to secure occupiers for available spaces at Cody Technology Park, says that XLB and Tristan Capital Partners’ acquisition of the site, will mean that the focus will now shift towards modernising and redeveloping the business park to meet the evolving needs of current and future occupiers.
“With its strong track record in managing and transforming high-profile business campuses, XLB will look at repositioning Cody Technology Park as a world-class business destination for technology, and research businesses. With such improvements, Cody Technology Park’ status as a leading hub for innovation, capable of accommodating a diverse range of businesses, from start-ups to established players in the aerospace industries can only be bolstered,” he said.
Looking to the future, Nick believes that the financial strength of XLB / Tristan Capital Partners, combined with XLB’s experience in managing top-tier business developments, and a commitment to investing in the park’s infrastructure to improve the tenant experience will undoubtedly raise the profile of Cody Technology Park, attracting new businesses and fostering growth in the region.
“I would expect that any redevelopment plans are likely to include significant improvements to common areas, upgrades to tenant accommodation, and enhanced connectivity, making the park even more attractive to both existing and potential tenants. The improvements could extend to modernising infrastructure, creating collaborative workspaces, and incorporating sustainability initiatives such as energy-efficient systems and green technologies, all designed to create a dynamic, future-facing business environment.
“This is just the investment that Cody Technology Park has been crying out for and I believe the site will become a high-profile, key business destination in the UK’s fast-growing technology sector.
“It’s an exciting prospect for the market in the M3 corridor and the wider business community,” he added.
To learn more about the park and the business opportunities available please contact Nick Reeve or Alex Blown from Curchod & Co on 01252 710822.
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