Real estate development and investment firm, Epta Development Corporation (EDC), and its development partner, Stoford, have completed the £74 million pre-let and sale of an M&S logistics unit at Axis Works, Bristol to LondonMetric Property Plc.
Development of the 390,000 sq ft high-specification warehouse is set to begin imminently, having been pre-let to M&S on a 20-year lease. Its sale represents the largest forward funding deal in the UK in the last 18 months, providing a significant boost to the market.
Designed to the highest sustainability standards, the unit is targeting BREEAM Excellent and EPC A, and is expected to be completed in summer 2026.
Located at Central Park, Avonmouth, Axis Works spans 101 acres and has hybrid planning consent to deliver c.2 million sq ft of new industrial, warehouse, and logistics space.
The site was acquired by EDC in 2020 and has since undergone significant remediation, including the demolition of a former AstraZeneca manufacturing facility, site elevation and servicing, and extensive drainage infrastructure improvements.
Chris Tsakumis, Principal at EDC, said: “We are pleased to have invested in the site and our long-term UK investment strategy has reaped initial dividends with the announcement of our first occupier and investment sale at Axis Works. We look forward to making further positive announcements in the near future.”
Dan Gallagher, Joint Managing Director, Stoford, added: “We’ve been working on this opportunity alongside EDC for the last two years and are delighted to see it come to fruition. We have already made a significant investment in site infrastructure and look forward to delivering a state-of-the-art logistics facility in one of the UK’s most sought-after distribution locations.”
Andrew Jones, Chief Executive of LondonMetric, commented: “This is a high quality development let on a very long lease to one of the UK’s strongest retailers. It will deliver income longevity, certainty and guaranteed growth. It further extends our relationship with M&S and adds another exceptional building to LondonMetric’s portfolio.”
Alex Freudmann, MD of M&S Food, commented: “Modernising our supply chain is key to increasing the capacity in our network and will help us get ahead of the volume curve we are driving in M&S Food to meet our ambition of becoming a shopping list retailer. This new site will ensure that we’re getting the right products to the right stores at the right time for our customers. It will also create a great working environment for our colleagues.”
CBRE and Knight Frank acted for EDC and Stoford. Lambert Smith Hampton represented M&S.
Axis Works lies in a strategically important location in South Gloucestershire, within the Avonmouth-Severnside Enterprise Area. It benefits from excellent rail and road links with direct access to the national motorway network via the M49, M4 and M5.
