Paloma Capital and Graftongate gain triple planning win in Banbury
Private equity real estate investor Paloma Capital and Warwickshire-based real estate developer, Graftongate, have secured three new planning consents at a logistics location in Oxfordshire.
The joint venture partners have gained approval to develop a drive-thru Starbucks, a new electric vehicle charging facility, and a surface-level car park on a site off Southam Road in Banbury.
The property is located within one of Banbury’s premier commercial locations, to the north of the town centre, near Junction 11 of the M40 and lies adjacent to a recently refurbished 200,000 sq ft warehouse, let to Amazon.
Graftongate will develop a new 2,200 sq ft drive-thru on a 0.85 acre site fronting Ruscote Avenue, that will trade as Starbucks for a minimum term of 15 years.
A new 156 EV van charging station will be developed on an adjoining four-acre site. Both sites are owned by Paloma Capital.
The third development will see the demolition of a redundant, former office building owned by Jacobs Douwe Egberts (JDE), to make way for a new 215-space surface-level car park, serving employees from its Banbury coffee factory. On completion of the new facility, JDE’s existing car park will be let to and occupied by Starbucks and a multinational technology company.
Work on all three projects is expected to be completed by Q2 2023.
Jamie Hockaday, director at Graftongate, said “We are looking forward to commencing work on the projects that will greatly enhance the amenities available at this established commercial location. Graftongate and Paloma Capital have been working together for more than four years and have a track record of successfully delivering development projects, including Banbury 200, a 200,000 sq ft former JDE distribution centre in Banbury, Exeter Trade Park in Marsh Barton and Urban Logisitics Park, Tottenham”.