A telecoms firm has signed a 66,000 sq ft deal at Western Approach Distribution Park in Bristol, in what has been dubbed the "largest logistics letting" in the South West to be completed so far this year.
PICS Telecom has signed a 15-year lease for the space following a refurbishment of the building in 2022 after the departure of the previous tenant. The works included the removal of the substantial mezzanine level to create more operating space, renovation of the office space and improvements to the exterior of the property.
Western Approach Distribution Park is one of the South West’s premier logistics parks and is an established location for logistics and distribution. The deal for 1500 Western Approach Distribution Park was handled by M7 Real Estate, a pan-European investor and asset manager specialised in multi-tenanted real estate.
Sadie Fitzpatrick, senior asset manager, M7 Real Estate commented: “When the previous occupier vacated the asset at 1500 Western Approach, we identified an opportunity to leverage our asset management expertise by carrying out a full refurbishment of the property. Subsequently, we have been able to fully let the space, reflecting M7’s ability to capture the current interest we are witnessing from occupiers for high quality, well-located logistics assets in the South West which faces an acute lack of supply.”
Alex Quicke, surveyor in the industrial logistics team based in CBRE's Bristol office, added: “The property was refurbished to a high standard last year setting a benchmark for high quality, modern logistics space within the South West market and solidifying positive occupier intent to expand, despite ongoing national economic uncertainty.”
M7 was advised by CBRE, Cushman and Wakefield, Gowlings and Hollis.
Other notable occupiers at Western Approach Distribution Park include Royal Mail, Next, Amazon, DHL, Warburtons, and GKN Aerospace.
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