St Modwen has sold the 18,750 sq ft new high-bay warehouse just completed for national paper distributor Antalis on the 55-acre Access 18, Avonmouth, Bristol, to Royal Liver for £1.922 million at an initial yield of 5.71%.
Antalis is relocating its regional office and distribution centre from Cribbs Causeway, Bristol. The firm has taken a 20-year lease at an initial rent of £6.20 per sq ft.
Two years ago Royal Liver acquired a new 35,000 sq ft building on Access 18 for £2.6 million.
St Modwen is also speculatively developing some 80,000 sq ft of warehousing adjacent to Antalis, which will be available from March 2008.
Rob Skelston, senior development manager of St Modwen, said: “The shortage of good quality new build units for medium-sized operators in the Bristol area has created strong interest in the space being developed at Access 18 and has therefore attracted good interest from investors.”
“Even when we have completed the current speculative phase there will still be room to develop another 600,000 sq ft of industrial and warehousing space on either a bespoke basis or through further speculative phases.”
Alder King is letting agent for St Modwen.
For further information contact Rob Skelston (0117 3167780). Issued by Paul Raymer of Howle Chapman Raymer (0121 236 7771).