Exeter, May 2023: The commercial arm of Exeter-based Burrington Business Parks has rebranded to ONYX Business Parks as it sets its sights on further growth across the South West.
One of the leading industrial and commercial developers in the region, building high-quality business units for small to medium size businesses, ONYX has delivered over 100 new units in the past 24 months.
Having secured new sites in Exeter, Bristol and Barnstaple, ONYX now has plans to deliver 150 units per year across the county, providing high-quality, flexible and sustainable commercial office space for local businesses.
Charles Berry, Director of ONYX Business Parks said: “We are excited to announce the rebrand of the business following the acquisition of three new sites across the South West.
We have ambitious plans to deliver multifunctional and high-quality buildings in key locations. There is a huge potential to continue to build a sustainable business for the long term and I am excited to be part of a talented and focused team as we continue to grow as a business.”
ONYX’s high level of growth has been supported by a multi-million pound investment from BGF, the UK and Ireland’s most active equity investor, in 2021. With these new sites, ONYX’s turnover is set to more than double to £30 million in revenue throughout 2023/24.
James Skade, investor at BGF said: “When we invested in ONYX in 2021, their growth plans were impressive and we’re delighted to see the business continue to succeed. The rebrand signifies an exciting period for ONYX, and we look forward to continuing to support them on their business journey.”
ONYX’s growth spells good news for the local economy throughout the South West, according to a report by Pegasus Group.
The report has found that the average ONYX development creates over 300 full-time equivalent jobs on-site. It is estimated that, once fully built and occupied, the additional gross value added (GVA) supported by the average development is estimated to be around £10.7million per annum (current prices) or £92 million (present value) over 10 years.
To date, ONYX developments complete and in construction have created accommodation for 1,100 employees across the South West.
The number of businesses throughout the South West has increased significantly, rising by 16.7% from 237,995 in 2011 to 277, 815 in 2021 (ONS, UK Business Count).
Adam Pascoe, Land Director of ONYX said: “We have been working hard to secure opportunities across the South West on long and short-term opportunities. The lack of good quality product in the South West and plethora of flourishing SMEs across the region has underpinned the high demand for our units.”
Currently occupied by businesses in engineering, construction and medical services amongst others, ONYX’s business units target the highest sustainable credentials. Recent developments have all obtained an EPC of A+ with BREEAM Excellent certification. Solar panels are installed on all units, reducing energy usage for occupants by 25%. Onyx Commercial Developments formerly traded as Burrington Estates (Commercial Developments) Ltd.
ONYX Business Parks is a dynamic and agile business that focuses on high specification, freehold sale, commercial developments. ONYX has an innovative approach within the commercial property market delivering a hybrid of industrial, office and storage space. The multi-functional, high-quality buildings provide space for a diversity of SME businesses across the Southwest. Businesses in occupation include science laboratories, engineering practices, robotics, medical, education, aerospace and more.
Built on years of experience, our team has reimaged the industrial market with better amenities to facilitate the best working environments for ambitious, growing business.
BGF was set-up in 2011 and has invested £3.5 billion in over 500 companies, making it the largest and most experienced investor in the UK and Ireland. BGF is a minority, non-controlling equity partner with a patient outlook on investments, based on shared long-term goals with the management teams it backs. BGF invests in growing businesses in the UK and Ireland through its network of 15 offices. In 2018, Canada launched its equivalent – the Canadian Business Growth Fund – and in 2020, Australia did the same, both based on BGF’s funding model. www.bgf.co.uk / Social media: @BGFinvestments