DTZ, part of UGL Services, a division of UGL Limited (ASX: UGL), has acquired the freehold interest in an industrial site in Bristol’s Ashton Gate, on behalf of a client, for £1.5m.
DTZ, acting on behalf of Leeds based property investor, Bridge Estates, acquired the site, where a simultaneous 10 year lease has been agreed to Nationwide Platforms Limited, a market leader in the rental of powered aerial work platforms, at a rental of £170,000 per annum.
The site, formerly known as Cumberland House, comprises a 48,131 sq ft industrial complex within a 2.19 acre site, including a factory building, office accommodation, a stores building and a large storage yard.
DTZ secured planning consent for Bridge Estates to redevelop the site in a ‘turnkey’ package for Nationwide Platforms, which included: the demolition and clearance of approximately half the buildings on site, including two 26m silo towers, extensive refurbishment of the office accommodation to provide an open plan sales office, a regional HQ and training facilities, and the fit out of the workshop to provide service and maintenance facilities.
The site fronts Winterstoke Road, adjacent to Bristol City Football Club stadium in the Ashton Gate area of the city.
Will Nell, Associate Director in DTZ’s industrial agency team commented: “Following the development of a similar site in Leeds, Bridge Estates has been successful in attracting Nationwide Platforms to Bristol. The site will provide an excellent base for their operations.”
Paul Crabtree of Bridge Estates said: “The site represented an excellent opportunity to acquire a site which met the requirements of Nationwide Platforms, both now and in the future. It is well located to serve the wider Bristol area, and gives sufficient room for expansion and possible further development.”