Main contractor ISG has been awarded a £21.8m construction contract to deliver a major warehouse/logistics development in Avonmouth, near Bristol, for joint developer Richardson Barberry.
ISG Retail has started work on site, delivering phase two of More+ Central Park, at Avonmouth. Practical completion of this final phase, extending to 384,000 sq ft of warehouse space across six units, is scheduled for January 2022.
The announcement comes after Richardson Barberry completed the sale of phases one and a forward commitment of phase two of the prime warehouse/logistics park in a £78m off-market deal.
CCP 5, a fund advised by Tristan Capital Partners, acquired More+ Central Park, totalling 559,228 sq ft. Phase one of the development includes five fully let completed units totalling 176,393 sq ft. Phase two is being developed by Richardson Barberry under the terms of the deal.
The total scheme of 11 units comprises 559,228 sq ft of grade A warehouse/logistics accommodation. Occupiers at phase one include Network Rail, Pilkington, Huboo, CVS and SIG Roofing.
Jonathan Robinson, Barberry Industrial development director, said:
“Our strategy from the start was to develop a grade A, best in class mid-box logistics park on Central Park, Avonmouth, to cater for the supply/demand imbalance that exists in the occupier market within this region. We have now taken another important step on that journey.
“The quality occupiers we have already attracted to the development pays testament to the quality and location of the business park and provides us with the confidence that phase two will appeal to more major occupiers.
“Richardson Barberry is incredibly proud of what we have created. The completion of phase two, following the sale of both phases of the development late last year, will bring our business plan to a very satisfying conclusion.”
More+ Central Park is a motorway-connected mid-box industrial park, located within the premier distribution location for the South-West. Strategically, it has excellent transport links, with the Avonmouth Docks and M49 providing access to the national motorway network. Demand for units has been high. The surrounding area is already home to Amazon, Lidl, The Range and DHL and many others.