BRISTOL TESCO DISTRIBUTION CENTRE SELLS FOR MORE THAN

A 540,000 sq ft temperature-controlled centre originally developed by Tesco in 2010 has been sold for more than £102 million.

The warehouse serves more than 400 supermarkets and convenience stores across the South West of England and South Wales forming a crucial part of Tesco’s distribution network.

The sale was to an undisclosed purchaser by investment management company Roebuck.

Roebuck acquired the asset for $94 million in 2017 on behalf of institutional Korean investors, and follows its 2021 sale of the Accolade Wines, Avonmouth Warehouse for $123 million to Tritax Big Box REIT.

Hugh Macdonald-Brown, Managing Partner at Roebuck, said: “The sale of Tesco Avonmouth has delivered our Korean investors significant out-performance following a four and-half-year hold period producing total annual return in excess of 16 per cent.”

£100m industrial scheme planned at a major logistics site near Bristol

A £100 million 50-acre industrial scheme is planned for Avonmouth’s six million sq ft Central Park. The park is already home to corporate giants including Amazon, Lidl, and The Range.

The site, which comes with planning consent for logistics and industrial development, has been acquired by Fiera Real Estate and Opus Land.

The first phase of development at Opus 49 will see the creation of a 100,000 sq ft unit on a 5.3-acre portion of the site.

Coventry mixed leisure and logistics site sold for £7m

Exhall3, a mixed leisure and logistics site in Coventry has been sold by Warwickshire property investment company The Wigley Group to new owners for £7 million.

The 2.7 acre site consists of two units tenanted by the popular Red Kangaroo Trampoline Park and event management firm Event Support Team.

Purchased by The Wigley Group as a single unit in 2016 it was extensively refurbished and let to Red Kangaroo in 2018, but disaster struck when it was destroyed by a fire just months later.

The site bounced back into life with the development of a new purpose-built 32,500 sq ft unit which was let to Red

Kangaroo on a new 15-year lease, while a separate speculatively-built self-contained 27,180 sq ft unit was built and let to Event Support Team on a 10-year lease.

Edgerley Simpson Howe LLP and Bromwich Hardy were joint agents in the sale to a London-based investment and asset manager.

Graftongate starts work on final phase of £10m Gloucester scheme

Warwickshire real estate developer Graftongate has started work on the construction of a £10 million development near Gloucester.

Gloucester 12 sits next to junction 12 of the M5 motorway. It already incorporates a 120,000 sq ft warehouse unit sold to International Plywood and sits next to the Javelin Park energy from waste facility.

A further four units are being developed and will comprise 17,516 sq ft, 26,465 sq ft, 38,227 sq ft and 41,288 sq ft of space.

Phil Silk, managing director of Graftongate, said: “This is the final phase of Gloucester 12, which will comprise four industrial/warehouse units totalling 123,500 sq ft.

“Having recently completed the infrastructure works and secured planning permission we have decided to speculatively build these units given the strength of the market and having identified a lack of supply particularly of the sizes being built.”

Myles Wilcox-Smith, partner at M1 agency and Edward Jenkinson, senior surveyor at Bruton Knowles, joint letting agents for the scheme, added: “These units are scheduled to be completed in November and will be constructed to a high standard, above institutional standards, to include 12m to underside of haunch for the largest unit with a substantial level of power available to the site.