A huge logistics and warehouse park in Avonmouth, near Bristol, has been sold for £78million in an off-market deal.
Joint venture developer Richardson Barberry, which is headquartered in the West Midlands, sold More+ Central Park to CCP 5, a fund advised by Tristan Capital Partners.
The 40-acre park includes five completed units covering 176,393 sq ft, which were built as part of phase one. There are six more planned for phase two providing a further 382,825 sq ft.
The units will be developed by Richardson Barberry under the terms of the deal.
Construction is expected to start on phase two in March 2021, the developer said, with practical completion planned for January 2022.
The scheme of 11 units comprises a total of 559,228 sq ft of grade A warehouse and logistics space. Occupiers at phase one include Network Rail, Pilkington and SIG Roofing.
Jonathan Robinson, Barberry Industrial development director and shareholder, said: “Richardson Barberry is incredibly proud of what we have created.
“This sale brings our business plan to a very successful conclusion, completing the development of our More+ Business Park, from acquiring the site in late 2017 to delivering our ambitious business plan within three years.”
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Henry Bellfield, group director at Barberry, said: “The sale of More+ Central Park demonstrates yet again the ability of the Richardson Barberry joint venture to create trophy assets of the highest quality in first class, strategic locations.
“The Richardson Barberry partnership stretches back to the late 1980s and over two family generations. It’s extremely satisfying to add More+ to the list of successful prime developments.”
Mark Watkins, director at Richardson, added: “This transaction is another success for the Richardson Barberry partnership which has a long track record of delivering highly successful developments.”