A 50-acre site in Bristol has been bought for an undisclosed amount in a deal which could pave the way for a new £100m logistics scheme.
Fiera Real Estate alongside operating partner Opus Land has announced the acquisition of the site, which will represent the final phase of South West logistics hub Central park in Avonmouth.
The two firms said they had plans to develop a “mid-box” logistics scheme at the site for which a detailed proposal would be announced “shortly.”
The first phase of development could see the creation of a 100,000 sq ft unit on a 5.3-acre portion of the site, with enabling works potentially starting on-site this quarter.
Planning consent for unrestricted logistics and industrial development at the site has already been granted.
Retail giants Amazon, Lidl and The Range already occupy the six million sq ft Central Park, which is adjacent to the A403, less than one mile from the newly created J1 of the M49 and is close to Avonmouth Docks.
The site was purchased through the the latest fund in FRE UK’s programmatic venture series with CBRE Investment Management, which reached its final close earlier this year with £180m of capital.
Chris Button, head of value add REIM at Fiera Real Estate, said: “This acquisition represents the 17th purchase for our value-add fund, FREOF V UK, which currently has a pipeline of more than 1.4 million sq ft of industrial and logistics space. The fund is targeting similar sites for speculative industrial development around the UK.”
John Griffiths, director at Opus Land, added: “This is the first logistics scheme for Opus Land in the South West and for it to be of scale and within such a prime location is incredibly exciting for us.
“We look forward to working closely with occupiers and their advisors to deliver the quality of buildings for which we have become renowned across the Midlands.”
Savills acted on behalf of Fiera Real Estate and Opus Land, with JLL acting on behalf of the vendor.
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