Fiera Real Estate and Cubex have acquired 2.6-acres of brownfield land on the former Rolls Royce site at Filton, north Bristol, for a logistics development with a GDV of £20m.
The site was acquired from St Francis Group and Almcor for an undisclosed price in an off-market transaction. It was purchased with the Fiera Real Estate Logistics Development Fund UK which has a further circa £250m to deploy into similar logistics sites across the UK.
A new 75,000 sq ft Grade A multi-let urban logistics development will be built on the site, which is the last remaining plot on the wider Horizon 38 scheme. The development is targeting BREEAM Excellent and an EPC A rating.
Joseph Downey, managing director of Cubex, said: “I absolutely love this site. Filton is undoubtedly the best-connected location in Bristol for urban warehousing. The immediate area is home to some of the largest aerospace and defence companies in the world, and the neighbouring Brabazon development will create an entirely new neighbourhood with thousands of new homes.
“We are delighted to be delivering much needed, sustainable high-quality urban warehousing to local area. The scheme will make a strong contribution to the local economy boosting local jobs. We look forward to delivering this with Fiera.”
Chris Button, fund manager of Fiera Real Estate, added: “I doubt there’s a better small/mid box warehousing site that has been transacted all year. We are super excited to be funding another high quality and sustainable development with Cubex and have immediate appetite to invest a further £250m.”
Cubex expects to make a start on site by July this year with completion in Q2 2024.
