The deal, which sees Brakes sign up for a new lease of 30 years, comes as the unit is simultaneously acquired by Tritax Big Box Reit for £25.2m.
The property comprises a purpose-built cold store facility with a multi-temperature control system and incorporates modern design features including cross docking with an eaves height of 11 metres. The distribution centre will also benefit from significant capital investment by the tenant to meet its growing distribution requirements in the South West. The facility comprises a gross internal floor area of 250,763 sq ft and benefits from a low site cover of 32%.
The warehouse, which was built in the early 1990s, is located on a 17 acre site adjacent to Junction 19 of the M5 Motorway. It comprises a purpose-built cold store facility, and was last occupied by Asda in September 2013.
Richard Coombs, director at Colliers International and an advisor to the vendor, said: “This deal is indicative of the current demand for long-let industrial investments from a number of institutions and major property company investors.
In a separate move Tritax has also acquired the Argos national distribution centre at Barton Business Park, Burton-upon-Trent, Staffordshire for £74.65m.
The facility comprises 653,670 sq ft, arranged over c. 26 acres, providing a site cover of approximately 56%.
The property is let to Argos Limited with an unexpired lease term of approximately 12 years and benefits from fixed annual rental increases of 3%.
JLL represented the Company on the acquisition and David Baroukh Associates LLP represented the vendor.