the south west |
MORE RETAIL LOGISTICS BUSINESSES IN SOUTH WEST R
etail logistics has been at the centre of large footprint warehouse take-up during 2017, a continued reflection of changing delivery patterns across retail and business in the UK as we demand everything more quickly and to our front doors, says Byron Hammond of GVA. This has been particularly evident in the South West, where we have witnessed a number of stand-out deals this year.
Amazon Byron Hammond
concluded a mega deal for 1.2 million sq ft of space, currently being built at Central Park in Avonmouth,
Bristol and creating a reported 1000 new permanent jobs. Central Park, situated alongside the M49, has been at the forefront of large footprint shed take-up in the South West, and the first half of the year saw Lidl, DHL and Davies Turner all committing to establishing distribution centres there in the first half of the year. In fact, these deals
BROTHERSWOOD COURT A
string of recent transactions at an Almondsbury business park has resulted in 85% of the office space being let or under offer. Brotherswood Court in Almondsbury, provides 61,000 sq.ft of high quality office accommodation. It was developed in the early 1990s from three farm buildings and now comprises eight separate office buildings housed within an attractive and mature landscaped area. The office buildings, together with a restaurant, create an interesting and attractive alternative to more traditional office parks. It is located near to the M4 and M5 providing excellent transport links. Since the acquisition by M7 Real Estate in 2016, a number of lettings have been concluded to include a letting to Regus who have completed a deal to take 13,621 sq.ft in Redwood House, meaning that this building is now fully let.
Regus are offering smaller starter suites to sub-tenants.
The first floor of Willow House is now also fully let with Schade Lagertechnik expanding across the entire first floor, doubling the amount of space they occupy. Opus Land has also recently committed to a new long term lease in Willow House. Joint agents Burston Cook and GVA. For more details please visit
www.brotherswoodcourt.co.uk
COMMERCIAL PROPERTY MONTHLY 2017
contributed to the South West’s most impressive period ever, capturing 15% of the UK’s big shed take-up in the first six months of the year and providing 3.3 million sq ft of simultaneous new construction activity on the banks of the River Severn.
Deals are also starting to flow at
Horizon38 in Filton, where there has been 60,000 sq ft of recent lettings on new space. Sitting within the Filton Enterprise Area, Horizon38 is the largest and most significant regeneration and inward investment project in the South West with 580,000 sq.ft of speculative employment space on stream and 25 acres of roadside development. It is no coincidence that it is strategically situated to serve the supply chain of neighbouring hi-tech industries – after all, it is being developed on land formerly home to one of the region’s stellar manufacturers – Rolls-Royce. We have definitely seen a return of speculative development funding availability, not seen since 2008, and reflecting a significant focus on industrial and logistics as one of the most popular current investment asset classes.
PHINEAS ACQUIRES NEW UK HEAD OFFICE
for the world’s largest brands and retailers, has recently acquired new offices at The Paintworks in the heart of Bristol’s Temple Quarter Enterprise Zone. The company, which currently trades
P
into 20 countries around the world, has rapidly expanded in recent years, strengthening its customer services, design, tool making, engineering, marketing and sales operations. To accommodate this growth, the
company has acquired the long leasehold interest in Units 7.17 and 7.18 off a quoting price of £575,000. The new office, located in the Art
Deco building that forms the centrepiece of Paintworks, provides 1,978 sq.ft of accommodation. As well as delivering larger offices, the move has enabled Phineas to create an in-house retail area to test and showcase its hangers, a dedicated prototyping area with the latest 3D rapid prototyping machinery and a creative space that reflects the brand and its employees. Phineas, which represented itself in the transaction, relocated from rented accommodation at One Temple Way.
hineas Group, designers and manufacturers of footwear hangers
BRISTOL OFFICE SALE S
ol Zakay’s Topland Group has sold the freehold interest in 10 Canons Way, Harbourside, Bristol for £95.5 million to a South Korean investor, advised by Knight Frank Investment Management (KFIM), law firm Ashurst and Korean Asset Manager WWG.
The landmark office building, one of the largest in the city, overlooks Bristol’s Floating Harbour and was developed in 2007 for Clerical Medical Insurance. The Grade A office building totals circa 176,611 sq.ft over five floors with an impressive central atrium. The property is entirety let to Scottish Widows Limited until November 2032. The property forms part of the Lloyds Banking Group’s regional hub, alongside Canon House I & II, which houses around 4,000 employees. Mark Kingston, Managing Director at
Topland Group plc, said: "This was an opportunistic sale where we were approached off market and decided to take advantage of a sale before year end.” David Johnson, Partner at KFIM
commented: “This is our fourth successful transaction on behalf of our Korean clients. The dynamic Bristol market has, we believe, good long term performance characteristics.
LANDMARK BUILDING
opland, one of Europe’s largest privately owned investment groups, has instructed Hartnell Taylor Cook LLP to work jointly with the existing letting agents, JLL, to market the vacant office suites within one of Bristol’s landmark buildings, Whitefriars, well located in the City Centre. Topland acquired the 150,000 sq.ft multi-let building in September 2012 and have implemented a very active asset management strategy to improve the quality of the tenant mix and to freshen up and add new vibrancy to the building through a refurbishment programme which includes work to the reception area. The strategy has also included negotiating and agreeing lease re-gears with existing tenants who wish to remain within the building on longer, more secure leases. Topland has just agreed a re-gear with major local firm, Radius, on the 8,000 sq.ft office accommodation located on the 10th/11th floors. The café operator, A Fair Shot, has also signed up to a new lease and upgraded this popular offer. JLL and Hartnell Taylor Cook are currently offering four suites within the building, providing accommodation from 2,120 sq.ft to 13,803 sq.ft, up to a total of 24,297 sq.ft. Whitefriars also offers a successful business centre.
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