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Aviva snaps up Portbury DC

Aviva snaps up Portbury DC

Aviva Investors UK Real Estate Recovery Fund II has acquired the long leasehold interest in Wincanton’s distribution warehouse facility at Portbury Bristol for £4.3m following a deal brokered by Colliers International.  

The property totals 38,000 sq ft on a site of 6.23 acres and is located very close to Junction 19 of the M5 motorway.

Wincanton hold the property on a lease with a further 11 years unexpired, subject to a break option in November 2020,  at a rent of circa £380,000 per annum.  
 
The purchase reflects a net initial yield of 8.34 per cent.  

Aviva were represented by Colliers International and the vendor; Stobart Group Limited, were represented by GVA.

The property was managed for the vendor by Roebuck Asset Management as part of a wider contract.
 
Richard Coombs of Colliers International’s Bristol office said: “This acquisition provides Aviva with a generous income yield with potential for improved returns as the regional economy grows.”

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