This month saw the leading UK regeneration specialist St. Modwen complete and deliver a custom-built warehousing facility for parcel distribution firm Hermes Parcelnet Ltd at its Access 18 development, off junction 18 of the M5 in Avonmouth.
Pete Davies, Senior Development Manager for St. Modwen in the South West, said:
“We are delighted to have developed this bespoke 43,100 sq ft warehouse facility for Hermes Parcelnet Ltd as part of their ongoing expansion plans. Hermes Parcelnet Ltd has taken a 15 year lease of the new premises and the investment has sold to a pension fund for £5.6 million, reflecting a net yield of 5.9%, with both deals demonstrating the quality of the Access 18 location. This was further emphasised by the disposal of the speculative unit we developed in 2015 to Kent Foods.
“Work is now underway on two further speculative units, measuring 35,340 sq ft and 34,120 sq ft respectively, of warehouse and industrial accommodation which will be ready to occupy in Autumn 2016. The units are available to rent or purchase and should appeal to businesses looking to expand their operations across the South West”.
The £150m commercial scheme can accommodate design and build opportunities from 10,000 sq ft to 300,000 sq ft, to rent or purchase, and has the capacity to accommodate up to 2,200,000 sq ft of employment space.
JLL acted for St. Modwen in the Hermes investment sale to a pension fund client of Alder King.
