The site was purchased through the Fiera Real Estate Opportunity Fund V UK, the latest fund in FRE UK's programmatic venture series with CBRE Investment Management (CBRE IM) which reached its final close earlier this year with £180 million of capital.
This strategic site of scale already benefits from planning consent for unrestricted logistics and industrial development. As such, FRE UK and Opus Land plan to develop a mid-box logistics scheme with an end GDV of around £100m, for which a detailed proposal will be announced shortly.
The first phase of development will see the creation of a 100,000 sq ft unit on a 5.3-acre portion of the site, with enabling works due to start on-site this quarter.
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As with all of Opus Land's schemes, the new development, Opus 49, has sustainability at the heart of its design. The development is targeting BREEAM Excellent and EPC A ratings, which will be achieved through the incorporation of water-saving and renewable energy technologies, such as roof-mounted PV panels and electric car charging points. During construction, the scheme will promote the use of locally sourced goods and low-emitting carbon materials, as well as ensuring that the contractors are part of the Considerate Contractor Scheme.
The site, which represents the final phase of Avonmouth's Central Park, the leading 6million sq ft logistics park in the South West, sits adjacent to the A403, less than one mile from the newly created J1 of the M49. The site also sits in close proximity to Avonmouth Docks and DB Rail Freight, providing exceptional connectivity for potential occupiers. Central Park is already home to corporate giants including Amazon, Lidl and The Range.
Chris Button, Head of Value Add REIM at FRE UK, commented: "We are very pleased to be bringing forward yet another high-quality and sustainable scheme alongside our Operating Partner, Opus Land. This acquisition represents the 17th purchase for our value-add fund, FREOF V UK, which currently has a pipeline of more than 1.4million sq ft of industrial and logistics space. The Fund is targeting similar sites for speculative industrial development around the UK."
