Up to 450 jobs could be created near Banbury following a major land deal.

Kennet Properties has sold 13 acres of its 50-acre Origin site near Junction 11 of the M40 to developer Albion Land for £3m in one of the first speculative land purchases since the economic downturn.

Albion now plans to build a new scheme known as Network M40 which will include major warehousing and industrial buildings available for companies to move into and recruit locally.

Simon Parsons, director of Albion Land, said: “This is one of the few locations between London and Birmingham able to accommodate a large development. Initial occupier interest is encouraging and we look forward to an early start.”

The site will feature units of up to 220,000 sq ft and developers say it will be particularly suitable for a high profile company headquarters building or large distribution unit.

Chris White, managing director of White Commercial who worked on the deal with Kennet Properties, said: “This is an excellent development site due to its location on the M40 and ability to cater for large buildings.

“We already have two parties expressing interest in more than 300,000 sq ft of manufacturing space on Network M40 and the Origin site.”