Two vacant outdated office buildings on one of Bristol’s premier out of town business parks have been sold to Barwood Capital for industrial redevelopment.
Cascade 1 and 2, which together occupy a 1.96 acre site at 1190 Aztec West, will be demolished and the site redeveloped, subject to planning, to create a 38,000 sq ft prime edge of town industrial warehouse.
Barwood, which was behind the development of the 12 acre Central Park logistics and Travelodge scheme beside the M49 motorway in Bristol and Portside Park in Avonmouth, has raised more than £41m in the last three months for its latest growth fund, Barwood Regional Property Growth Fund V.
Tom Gold, investment director at Barwood said: “We continue to invest in underperforming, undermanaged or obsolete real estate through speculative development, asset management or repositioning, concentrating on locations with strong rental growth prospects and occupier demand. This site is an excellent first asset for the Fund and we look forward to progressing through planning.”
The sale of the two properties attracted strong interest, say property consultants Alder King who acted for the vendor, a private investor. Tom Dugay from Alder King’s office agency team said: “We’re familiar with redundant office buildings being converted to residential use, but this office-to-industrial proposal reflects the strength of demand for industrial space in Bristol’s heavily land and stock-constrained market.