Unprecedented market circumstances are leading to strong interest in one of the South West’s prime industrial developments, where CBRE has let space to bathroom supplies firm PJH Group Limited.
Portside Park, Avonmouth, provides high quality, brand new industrial accommodation in a prime location – and was recently acquired by NFU Mutual, in an agreement brokered by CBRE and Savills.
“The scheme fills a significant market void, where demand is outstripping supply and land availability – along with construction delays caused by materials and labour challenges – are impacting the market’s ability to replenish supply,” said Philip Cranstone, Director and Head of Industrial and Logistics for CBRE in the South West.
Thomas Foley, asset manager for the landlord, NFU Mutual added: “Securing a tenant such as PJH Group so quickly after acquiring the estate is a real testament to the hard work of the agency team and an endorsement for the estate overall. Supply is constrained in this market and interest in the remaining units is strong and reinforces the Fund’s strategy to purchase the asset.”
PJH Group Limited is the most recent new addition to the park, recently taking more than 30,000 sq ft of industrial space, signing a 10-year lease.
The two units taken by PJH Group will accommodate significant business growth and will allow the company to expand its offering in the South West, where it serves a range of retailers, including builders merchants and independent showrooms.
The letting with PJH Group was brokered by CBRE acting for NFU Mutual and Doherty Baines representing the tenant. Located on Kings Western Lane, Portside Park comprises a total of circa 155,000 sq ft over six high quality units. CBRE, Savills and Hartnell Taylor Cook are the joint letting agents on the remaining space on the estate.
“Portside Park offers the rare opportunity of brand new accommodation that’s immediately available to move into,” Philip added.
“Avonmouth is the most established industrial and distribution location in Bristol and, with its immediate access to the M5 motorway, Bristol and Avonmouth Docks, Portside Park is ideally located for companies looking to expand their operations in the region.”
The remaining units at Portside Park include a 15,284 sq ft unit plus two larger units – one at more than 40,000 sq ft and another at over 47,000 sq ft.