M7 Real estate has leased a circa 66,000 sq ft logistics warehouse at Western Approach Distribution Park in Bristol to PICS Telecom.
PICS has signed a 15-year lease on the building, which was comprehensively refurbished last year after the previous tenant left.
Sadie Fitzpatrick, senior asset manager at M7 Real Estate, said: “When the previous occupier vacated the asset at 1500 Western Approach, we identified an opportunity to leverage our asset management expertise by carrying out a full refurbishment of the property. Subsequently, we have been able to fully let the space, reflecting M7’s ability to capture the current interest we are witnessing from occupiers for high quality, well-located logistics assets in the South West which faces an acute lack of supply.”
Alex Quicke, a surveyor in the industrial and logistics team in CBRE’s Bristol office, which advised M7 on the deal, added: “The property was refurbished to a high standard last year setting a benchmark for high quality, modern logistics space within the South West market and solidifying positive occupier intent to expand, despite ongoing national economic uncertainty.”
M7 was advised by CBRE, Cushman and Wakefield, Gowlings and Hollis.
