Transport links give Cribbs Causeway warehouse edge over Avonmouth, says property firm

March 20, 2020

Agents have been appointed to market an empty warehouse at Cribbs Causeway which its owner claims is better located than similar units at Avonmouth.

The 423,000 sq ft unit is let to Morrisons but its lease is due to expire at the end of August. 

The supermarket group inherited the lease to the building when it merged with Safeway in 2004. Hines bought the freehold to the building at the end of 2018 from M&G Real Estate for £23m in an off-market deal on behalf of its European Value Fund.

Hines intends to refurbish the unit and hopes to have it ready for occupation by the end of the year. The investor is aiming to achieve a rent of £6 per sq ft and said once the asset was income-producing, it may look to sell the building’s freehold.

The unit, off junction 17 of the M5, has 160,000 sq ft of refrigerated storage space and 240,000 sq ft of conventional stacked storage space.

Hines it has appointed Knight Frank, DTRE and BNP Paribas to market the building.

Hines UK director of industrial and logistics Greg Cooper said: “There’s a huge amount of amenity and transport links in the area, which is something that Avonmouth has struggled with, particularly from a labour attraction and retention point of view.

“We think that it’s arguably infinitely better located than Avonmouth, being right on the motorway junction.”

Hines said it could sell the building once it is income-producing.

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