Devon-based commercial property developer Burrington Estates Parks has rebranded to ONYX Business Parks as it plans to further grow across the South West.
In the past 24 months ONYX has delivered over 100 business units for small to medium size businesses. Having secured new sites in Exeter, Bristol and Barnstaple, ONYX now has plans to deliver 150 units per year across the county.
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.”
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The growth of the company has been supported by a multi-million pound investment from UK and Ireland equity investor BGF, in 2021. With the new sites, ONYX predicts its turnover to more than double to £30, 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 £10.7m per annum (current prices) or £92m (present value) over 10 years.
To date, ONYX developments complete and in construction have created accommodation for 1,100 employees across the South West.
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