Joint venture developer Richardson Barberry has announced it has completed the construction and sale of a £78 million prime logistics park at Avonmouth, Bristol.
Phase two of More+ Central Park – consisting of six units providing 382,825 sq ft of grade A accommodation – has reached practical completion. Five units, forming the 176,393 sq ft phase one, were completed in 2020. Occupiers include Network Rail, Pilkington and SIG Roofing.
The development was sold in a £78 million off-market deal to CCP 5, a fund advised by Tristan Capital Partners, before construction of phase two got underway.
Jonathan Robinson, Barberry development director, said: “The completion of More+ Central Park marks a major milestone for Richardson Barberry and we are incredibly proud of what we have created. It is a trophy asset and its sale to Tristan Capital Partners was the largest mid-box multi-let industrial and logistics deal in the South West for many, many years.
“Having acquired this site off market and completing the purchase within 28 days, we had a vision for the site which we have crystalised and delivered our ambitious business plan, creating a new market leading mid-box logistics park at Central Park, Avonmouth. It has been a fantastic development to be involved in. It was the first mid-box development at Central Park and was a pioneering move to deliver such buildings in this location. The success of the scheme is demonstrated having attracted quality occupiers and achieving aspirational rents.”
He added: “The sale to Tristan Capital Partners for the sum of £78 million completed our business plan, which was to develop the first, best in class mid-box logistics park on Central Park to cater for the supply/demand imbalance that exists in the occupier market in Avonmouth, and to create a trophy asset for a fund to purchase.”
Henry Bellfield, managing director at Barberry, said: “The sale of More+ Central Park demonstrates the ability of the Richardson Barberry joint venture to create trophy assets of the highest quality in first class, strategic locations. I would like to thank everyone involved in delivering this exceptional development and we look forward to securing further opportunities at key sites.”
More+ Central Park is a motorway-connected mid-box industrial park located within the premier distribution location for the South West. Strategically, it has excellent transport links, with the Avonmouth Docks and M49 providing access to the national motorway network. Demand for units has been high. The surrounding area is already home to Amazon, Lidl, The Range and DHL and many others.
Barberry has a 3.6 million sq ft industrial/logistics development pipeline with a Gross Development Value in excess of £500 million. The company has 500 acres of strategic land, with a development land value of £225 million, across 10 sites under its ownership/control.
The Richardson family is a private, family-owned, and operated property business with over half a century of real estate experience in the UK and overseas. Typically working in joint ventures, the business has a long history of successful partnerships, having developed over 17 million sq ft of real estate across all sectors. More recently the family has continued to diversify by building an international growth capital portfolio across a range of sectors through a direct and co-investment programme.