St Francis Group and its development partner iSec have confirmed the completion and sale of a 16,986 sq ft new build to suit flagship car dealership leased to Volvo Cars UK and sold to CBRE Global Investors at its Horizon 38 mixed-use development in Bristol.
The development on a plot of 1.63 acres has been let on basis of a 20-year lease and was sold with a forward commitment to purchase from the new owners. The showroom was delivered early by contractors MCS Construction.
Speaking about the sale and development – St Francis Group Director Gareth Williams said: “We are delighted to have completed another exciting project at Horizon 38 and a sale to CBRE Global Investors. This is the second car dealership on site, and everyone involved with its delivery deserves a huge pat on the back when you consider the extremely difficult conditions that we have faced over the last 18 months. Horizon 38 serves as the premier mixed-use destination in Bristol and the South West and has been a tremendous success – now home to a thriving community of occupiers”
Also commenting, Richard Howell Principal Investment at Avison Young “We are seeing unprecedented demand for secure long income investments especially in prime established locations such as Horizon 38. We were delighted to have signed Volvo on a 20-year lease and then secure the forward commitment to purchase from CBRE Global Investors on behalf of St Francis and iSec”
Simon Bennett, Director at JLL also said “We are really pleased to have secured this opportunity for CBRE Global Investors. Horizon 38 is a well-located development that has been successful in attracting a wide range of tenants such as GKN, Car Shop and Selco. This investment offers the fund a secure long term income stream with rental uplifts at an attractive yield to other sectors”.
Avison Young acted for iSec / St Francis, and JLL acted for the buyer, CBREGI.
Horizon 38 is Bristol and the South-West premier mixed-use development spanning 65 acres, featuring Logistics, Industrial, Trade, Hotel, and Car Showroom opportunities totalling over 1M sq ft. It is home to leading occupiers including Ceva, The Delivery Group and Sytner together with GKN in a 115,000 sq ft R&D facility and Village Resorts in a new 153 bedroom hotel.
