Gazeley - Industrial Sale - Bristol, Severnside
Date: 15 Jun 2005
Gazeley has acquired a major new development site in Severnside, Bristol.
The 50 acre (20.23 hectare) site was purchased from Redrow Commercial Developments Ltd (Redrow).
Gazeley beat off fierce competition from rival developers to purchase the site, which comprises the remaining development land at Western Approach Distribution Park in Severnside, Bristol, which is to be re-branded 'G.Park, Bristol'. The site has outline planning consent for B8 (warehousing) development and includes an existing warehouse unit of 51,000 sq ft (47,38 sq m) developed speculatively at the park by Redrow.
The site was marketed by DTZ Debenham Tie Leung and Hartnell Taylor Cook on behalf of the vendor, Redrow, at a quoting price of approximately £200,000 per acre (£494,194 per hectare).
Nick Redwood, development director for Gazeley said:
"Western Approach Distribution Park is a successful and desirable logistics green-field location which does not suffer from contamination issues prevailing elsewhere in Avonmouth. The scheme offers Gazeley a golden opportunity to become involved in an oven ready site with the ability to rapidly respond to significant demand for new warehousing accommodation.
"We believe that the established location, infrastructure, landscape and labour resource will prove highly attractive to potential occupiers seeking large distribution warehouse facilities."
Stephen Dodds, director for Redrow Commercial Developments Ltd said:
"Gazeley's plans for early development will continue the momentum at Western Approach following two deals completed earlier this year which has resulted in planning applications for nearly 500,000 sq ft.
"Redrow has overseen the development of Western Approach to its fullest potential and opened up the promise of Redrow's surrounding land to continue that success."
The Western Approach Distribution Park is strategically located next to Junction 18 of the M5 and close to Junction 1 of the M48 and the Second Severn Crossing. The established park is considered one of the south west's premier logistics centres and has excellent infrastructure with direct road links to the south west peninsula and south Wales, as well as London and the Midlands. Existing occupiers at the park include Next, MFI, Focus DIY, Constellation Europe and Royal Mail.
Gazeley intends to immediately apply for detailed consent to speculatively build two new high bay distribution facilities of 350,000 sq ft and 500,000 sq ft (32,515 sq m and 46,450 sq m) in two phases of development. The new distribution warehouse units can offer Gazeley's groundbreaking EcoTemplate initiatives, creating environmentally and socially responsible warehousing at low cost.
King Sturge represented Gazeley in the purchase and will be retained as joint letting agent with DTZ Debenham Tie Leung. Quoting rents are expected to be in the region of £5.50 per sq ft (£59.20 per sq m).
DTZ Debenham Tie Leung and Hartnell Taylor Cook represented Redrow.
Ariel view of Western Approach Distribution Park in Severnside, Bristol
Where do I go now?: » View the latest news items » View the news archive » Subscribe to Weekly Construction Newsletter » Submit news
