Commercial property agents Avison Young and JLL have been appointed to work with global real estate investment management advisor BentallGreenOak and its development partner Equation Logistics, in the marketing of a major new logistics scheme in Bristol.
Matrix49, located alongside the M49 in Avonmouth and close to the M4/M5 interchange, will become a 1.1million sq ft industrial scheme, affirming confidence not just in the long-term potential of the market, but in Avonmouth’s location as a logistics hub of national significance for both national and international occupiers.
The major 60-acre site has recently been acquired by BentallGreenOak (BGO) and Equation Logistics.
Paul Hobbs, Director at Avison Young says: “This is a significant acquisition in Avonmouth and is a signal of BGO’s commitment to the logistics market, being an impressive sixth purchase in just six months. It has already brought forward 5 million sq ft of UK logistics space.
“The industrial and distribution market is seeing a strong resurgence, fuelled by the impact of a defensive Brexit stock holding and the acceleration of internet fulfilment though Covid impacts and our changing shopping habits. It has driven the sector to become the number one property investment class this year with exceptionally strong fundamentals.”
Giles Weir, Director at JLL adds: “Situated close to Bristol Port, and adjacent to the South West’s motorway network, Matrix49 is expected to attract both national and international interest from occupiers who can see the clear benefits of operating in this exceptional location. Avonmouth and Severnside have been totally transformed in the last 10 year as the region’s growth hub with over 6 million sq ft of new space. It is the key employment allocation for both Bristol City Council and South Gloucestershire.”
With existing planning consent, the 60-acre site will now be developed by BGO and Equation across three phases, with individual units up to 560,000 sq ft. It is expected the first speculative phase will be completed by the summer of 2022.