A 50,000 sq ft industrial building at Avonmouth has been acquired for £5.4m by a London-based property investment fund.
The unit on Poplar Park, pictured, part of Avonmouth’s Cabot Park distribution hub, is fully let to global spa and skincare products distributor Elemis as its headquarters.
Bristol-based property agent Hartnell Taylor Cook acquired the unit for BMO Real Estate Partners from Bristol-based City Monument Properties. It has a current annual rental income of £326,000 – equivalent to £6.50 per sq ft. The lease has more than 10 years remaining. It will form part of BMO REP’s F&C UK Property Fund
BMO Real Estate Partners Fund Manager Guy Glover said: “We are delighted to have worked alongside Hartnell Taylor Cook to secure this unit. The property is another boost for the fund and should provide secure, long-term income and strong returns. With other buildings under offer we remain acquisitive for selective quality product.”
Other occupiers on Cabot Park, one of the South West’s largest distribution parks, include Honda, Kuehne + Nagel, Culina, Muller Wiseman Dairy, John Lewis and recent arrival Amazon.
JLL and Alder King acted for City Monument Properties.
