The Crown Estate has sold a third of its Cabot Park site at Avonmouth to AXA Real Estate for £10.5m.
The deal was sealed on behalf of Midland property specialist Gallan and Stoford which is developing a major regional distribution centre on the 33-acre site.
Gallan and Stoford had previously been collaborating with The Crown Estate on the project which will create around 900 jobs and generate £25m for the local economy through construction works and employment.
Preparatory work on the site is already underway with completion planned for mid-2012. It has been pre-let to the Co-operative Group on a 20-year lease at an annual rent of more than £2m.
AXA Real Estate fund manager Rob Awford said: “This acquisition is in line with our client’s strategy of investing in assets which benefit from a strong, long-term income stream.”
James Cooksey, head of The Crown Estate's regional portfolio, added: “We are pleased to have concluded the sale and delighted to have worked collaboratively with Gallan and Stoford to achieve this.”
Drivers Jonas Deloitte acted as agents for The Crown Estate, with Burges Salmon as solicitors.
Cabot Park's remaining 64 acres, used by Honda for car storage, body works and valeting, are being retained by The Crown Estate.
