Following the successful letting of Unit D Poplar Park, Cabot Park, Severnside, Bristol to Elemis, landlord Terramond has sold the prime warehouse building to a private investment company.
Advised by Alder King and Williams Gunter Hardwick, Terramond sold the investment to City Monument Properties, for a price of £4.43 million. The deal reflects a net initial yield of 7%.
Unit D Poplar Park is a high specification warehouse/distribution unit with offices, totalling 50,151 sq ft (4,659 sq m). It is located on a site area of 2.13 acres (0.86 hectares).
Elemis, a global distributor of spa and skincare products, took the building as their new UK headquarters on a new 15 year lease, with a tenant’s break clause at the tenth year.
Mark Rothwell of Alder King commented: “The deal illustrates both the dearth of high quality industrial accommodation in the city and a strong demand from investors for prime property investments.”
Poplar Park sits within the larger Cabot Park development, which is a dedicated distribution park at Junction 18 of the M5 that has already attracted many occupiers including Robert Wiseman Dairies, Kuehne & Nagel, Honda and John Lewis.