Main contractor ISG has been awarded a £21.8 million construction contract to deliver a major warehouse/logistics development in Avonmouth near Bristol for joint venture developer Richardson Barberry.
ISG Retail has now started work on site, delivering phase two of More+ Central Park, at Avonmouth. Practical completion of this final phase, extending to 384,000 sq ft of warehouse space across six units, is scheduled for January 2022.
The announcement comes after Richardson Barberry completed the sale of phases one and a forward commitment of phase two of the prime warehouse/logistics park in a £78 million off-market deal.
CCP 5, a fund advised by Tristan Capital Partners, acquired More+ Central Park, totaling 559,228 sq ft. Phase one of the development includes five fully let completed units totaling 176,393 sq ft. Phase two is being developed by Richardson Barberry under the terms of the deal.
The total scheme of 11 units comprises 559,228 sq ft of grade A warehouse/logistics accommodation. Occupiers at phase one include Network Rail, Pilkington, Huboo, CVS and SIG Roofing.
Jonathan Robinson, Barberry Industrial development director, said: “Our strategy from the start was to develop a grade A, best in class mid-box logistics park on Central Park, Avonmouth, to cater for the supply/demand imbalance that exists in the occupier market within this region. We have now taken another important step on that journey.
“The quality occupiers we have already attracted to the development pays testament to the quality and location of the business park and provides us with the confidence that phase two will appeal to more major occupiers.
“Richardson Barberry is incredibly proud of what we have created. The completion of phase two, following the sale of both phases of the development late last year, will bring our business plan to a very satisfying conclusion.”
Jon Mott, project director at Barberry, said: “We completed a successful tender process and I’m happy to announce that ISG Retail has secured the contract to build out the 384,000 sq ft, over six buildings. This will complete our development at More+ Central Park.
“ISG Retail has now taken possession of the site, with practical completion anticipated in January 2022.”
Martyn Fletcher, operations director at ISG, said: “We are very happy to have successfully won the tender and been appointed to work alongside Richardson Barberry and the project team to deliver this exceptional development.”
More+ Central Park is a motorway-connected mid-box industrial park, which is widely seen as a trophy asset, located within the premier distribution location for the South West. Strategically, it has excellent transport links, with the Avonmouth Docks and M49 providing access to the national motorway network. Demand for units has been high. The surrounding area is already home to Amazon, Lidl, The Range and DHL and many others.
Barberry has a 3.85 million sq ft industrial/logistics development pipeline with a Gross Development Value of more than £525 million. The company has 455 acres of strategic land, with a development land value of £225 million, across 10 sites under its control, and a £30 million commercial and residential value add portfolio.
It is currently developing a £35 million state-of-the-art precision engineering advanced manufacturing and design facility for a global leader in military and commercial engine controls systems in Gloucestershire. Work recently started on site to deliver the 184,000 sq ft centre of excellence for Moog’s Aircraft Controls Segment at Ashchurch, Tewkesbury.
Barberry also recently started working on site to deliver IMI Truflo Marine’s multi-million-pound center of engineering excellence in Birmingham. A state-of-the-art manufacturing and design facility is being developed at Birmingham’s Advanced Manufacturing Hub (AMH). IMI Truflo Marine will relocate to the manufacturing hub in Witton from its existing facility nearby.