Barwood Capital, the UK regional investment and development specialist, in conjunction with development partner, Trebor Developments LLP, has sold Portside Park, Avonmouth, Bristol to NFU Mutual for £21.7 million.
Portside Park is a prime multi-unit industrial estate extending to 155,063 sq ft in up to six units. It is located on Kings Weston Lane, off St Andrew’s Road (A403), the main arterial route linking to Junction 18 M5 at Avonmouth to Junction 1 M48. The first letting to Efinor Limited has been completed, with strong occupational interest in the remaining units.
Portside Park is Barwood Capital’s fifth development project in its Barwood 2017 Property Fund and fourth joint venture with British Airways Pension Trustees. Those projects are: Junction One, Central Park in Bristol which was recently let to Barts Ingredients, Manton Lane in Bedford which has been pre-let to A.F. Blakemore & Son Ltd, and Super G, Glasshoughton in Wakefield which was pre-let to Puma in 2019. Portside Park is part of Trebor Developments’ national industrial development pipeline, which delivered over three million square feet of accommodation in 2020.
Andrew Barlow, director, Barwood Capital said: “Portside Park provides newly built product into a supply constrained market where demand remains buoyant thanks to Bristol’s strategic location. We wish NFU Mutual success with the project and look forward to providing our 2017 Fund investors with strong returns from this key investment.”
James Drew, development director, Trebor Developments said: “The development at Portside Park is a rare opportunity for a fund to purchase a multi-unit scheme of high quality in a popular location with occupiers. We are pleased to have completed this transaction with NFU Mutual in a two week period.”
Jon Brice, fund manager, NFU Mutual said: “This acquisition forms part of NFUM’s strategy to acquire modern industrial accommodation with strong fundamentals and capitalise on the strength of the industrial market.”
Barwood and Trebor were represented by CBRE, with Savills acting for NFU Mutual.
CBRE and Hartnell Taylor Cook are the letting agents on the scheme.