Tungsten Properties buys 25 acres in Avonmouth for £11m
Industrial warehouse developer Tungsten Properties has acquired 25 acres of land at Avonmouth, Bristol.
Funded by British Airways Property Fund, the property developer has 25 acres of land at Severn Road, Avonmouth, Bristol from Delta Property Holdings for £11 million.
The scheme is across two plots to the north and south of Severn Road and will accommodate a 457,000 ft2 logistics scheme across six buildings, ranging from 16,000 ft2 to 240,000 ft2. The developer estimates that the project will create more than 300 new jobs.
Tungsten Properties is set to deliver phase one which will be two industrial units totalling 80,000 ft2 and 240,000 ft2. Construction is due to start in September 2021 and the two buildings will be completed by summer 2022.
Phase two will be four smaller buildings which will range from 20,000 ft2 up to 62,000 ft2 to total 125,000 ft2.
Avonmouth is an established south west distribution location due to its port and links to the M49 and M5. Occupiers include Amazon, Lidl, Tesco, DHL, Next, The Range, Coop, Acolade Wines, and Asda.
Ian Dunckley, Development Director, Tungsten Properties said: “The warehouse distribution market is expanding and we aim to capitalise on this growth. To meet the demand, we will focus on the two larger units.”
Knight Frank has been appointed letting agent.