The 25-acre site at Severn Road will see six new buildings, ranging from 16,000 sq ft to 240,000 sq ft.
The first phase will be two industrial units totalling 80,000 sq ft and 240,000 sq ft. Construction is due to start in September 2021 and the two buildings will be completed by summer 2022.
Phase two will be four smaller buildings which will range from 20,000 sq ft up to 62,000 sq ft to total 125,000 sq ft.
The development has been accelerated by funding from British Airways Pension Trustees, who funded the £11 million site acquisition for Tungsten Properties.
The site is close to the port with links to the M49 and M5. Occupiers include Amazon, Lidl, Tesco, DHL, Next, The Range, Coop, Acolade Wines and Asda.
Russell Crofts, partner at letting agent Knight Frank, said: “Over the last 12 months, demand has been extremely high throughout the region, and we expect the new purpose-built distribution units to immediately meet this lack of supply in a highly active marketplace.”