A developer behind a number of major building projects in Bristol has acquired a site near Highbridge in Somerset and is planning to build a £25m logistics scheme on the land.
Cubex, backed by Fiera Real Estate, has announced the purchase of a 12-acre greenfield site overlooking the M5 at Junction 22 and next to the A38, in an established logistics location.
The company said it planned to obtain planning permission and speculatively build out a Grade A 160,000 sq ft logistics unit on the site.
Firms already operating near the location include yogurt manufacturer Yeo Valley, bathroom pod manufacturer Offsite Solutions and builders merchant Briarwood.
Cubex, which is delivering the huge eco office block Halo at Finzels Reach in Bristol, said the deal represented the firm’s shift towards the logistics market.
Joe Downey, director at Cubex said the acquisition “sets the tone” for the business future growth, and that it had “a number of similar deals in legals” and was actively targeting further opportunities.
Cubex said the proposed logistics scheme would be targeting BREEAM Excellent and EPC A rating, and would also include sustainability features such as electric car charging points, and energy-efficient lighting, heating and cooling systems.
The site is the eleventh purchase of a fund with over £100m of committed equity that is part of a programmatic venture series between Fiera Real Estate and CBRE Investment Management.
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Chris Button, fund manager at Fiera Real Estate, said: “We are delighted to acquire this strategic south west logistics site with Cubex – in a superb location, it is able to service the population of the M5 corridor with ease and in a highly sustainable way – it ticks all the boxes”.
Peter Walford, managing director of Cubex, said the deal marked a "new chapter" for Cubex.
"[It demonstrates] our abilities to source and acquire prime development opportunities in targeted market sectors with our in-house funds," he said.
“As with all our projects, we shall be focussing on delivering a top-quality, sustainable building that meets the needs of both occupiers and investors in this high-profile location.”
Russell Property Consultants and JLL are to be retained by Cubex to let the premises.
Cubex’s Halo building is being built on the former Avon Fire and Rescue HQ in Bristol and will accommodate around 1,000 people when it is scheduled to complete next year.
Earlier this year, Cubex agreed a forward-funding deal with Grainger, which saw the 海角视频's largest listed residential landlord acquire the 231-home build-to-rent development that will sit alongside Halo.
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