The second phase of the 559,228 sq ft More + Central Park industrial and logistics scheme in Bristol has secured forward funding to be speculatively developed.
CCP 5, a fund advised Tristan Capital Partners has paid developer Richardson Barberry £78 million in an off market deal for the whole scheme including the six further units totalling 382,825 sq ft on phase two which are set to be developed by Richardson Barberry under the terms of the deal.
Construction is expected to start on phase two in March 2021, with practical completion in January 2022.
Jonathan Robinson, Barberry Industrial development director and shareholder, said: “The sale of More+ Central Park to Tristan Capital Partners for the sum of £78 million crystallises our business plan, which was to develop the first, best in class mid-box logistics park on Central Park, Avonmouth, cater for the supply/demand imbalance that exists in the occupier market in Avonmouth, and create a suitable trophy asset for a fund to purchase.”
The Richardson Barberry partnership is also working to bring forward a £140million logistics park in the north east.