A distribution base at Portbury has been acquired in a £5.75m deal with the new owners looking at a possible redevelopment of the site.
The 12.2 acre plot, pictured below, only houses a 64,000 sq ft unit leased by car distributor Walon – and with its 15-year lease expiring in three years’ time London-based property investment company Helical Bar says it will look at opportunities on the site.
Walon, part of the Stobart group, pays annual rent of £454,915 on the modern industrial/distribution development, which is near Royal Portbury Dock.
Property consultants Alder King acted on behalf of Helical Bar. Oli Stretton from its investment team said: “Helical Bar was attracted by the strong fundamentals of this property. The extremely low site density provides a range of options on expiry and the low passing rent is considered to be highly reversionary.”
Tom Anderson of Helical Bar added: “This acquisition is an excellent addition to our regional industrial portfolio. The property’s location, adjacent to one of the UK’s fastest growing ports, is fantastic and there are opportunities to add value in the future.”
The building was sold by Knight Frank on the instructions of LPA Receivers.
