The last plot of land at Avonmouth’s 6 million ft2 Central Park logistics scheme has been sold to Fiera Real Estate UK and Opus Land.
The 50-acre site has been earmarked for a mid-box logistics scheme with an end GDV of c.£100 million, for which a detailed proposal will be announced shortly.
The first phase of development will see the creation of a 100,000ft2 unit on a 5.3-acre portion of the site, with enabling works due to start on-site this quarter.
The development, known as Opus49, is targeting BREEAM Excellent and EPC A ratings, which will be achieved through the incorporation of water-saving and renewable energy technologies, such as roof-mounted PV panels and electric car charging points.
The site was purchased through the Fiera Real Estate Opportunity Fund V UK, the latest fund in FRE UK’s programmatic venture series with CBRE Investment Management, which reached its final close earlier this year with £180m of capital.
Chris Button, Head of Value Add REIM at FRE UK, commented; “This acquisition represents the 17th purchase for our value-add fund, FREOF V UK, which currently has a pipeline of more than 1.4million ft2 of industrial and logistics space. The Fund is targeting similar sites for speculative industrial development around the UK.”
Savills acted on behalf of FRE UK and Opus Land, with JLL acting on behalf of the vendor.