Howard Tenens - the national privately owned logistics company - has successfully leased Bristol Gateway, the largest speculatively built warehouse development in the South West, on a 20 year lease, just six months after the building was completed, to CM Downton.
Simon Emms, Property Director at Howard Tenens comments:
“The South West is experiencing a high level of demand for industrial property, however there is a tightening of supply. This led to a good level of interest in this property, resulting in letting the property in a short time frame and therefore justified our decision to build speculatively. We are delighted to have secured CM Downton as a long term tenant which proves the suitability of our Sharpness facility as a logistics location.”
Bristol Gateway, set over 169,478 sq ft, was opened in April 2016 by David Hagg from Stroud District Council. The warehouse features 20 dock leveller loading doors, office space based over two storeys, a viewing platform overlooking the entire warehouse and a large yard all of which were finished to Howard Tenens usual high standards.
Andy Downton from Downton comments:
“The immediate availability of the of property presented us with a high quality building that suited our purpose of fulfilling our clients contract, the strategic location of the distribution hub with dual access onto the M5 was seen as a huge benefit to our further business growth”.
Since completing the development back in April, Howard Tenens has also obtained planning permission to build a further 467,000 sq ft warehouse on the adjacent land as stated by Emms:
“Following the successes we have had from Bristol Gateway we now look forward to developing the adjacent land where we have recently obtained planning permission for a further 467,000 sq ft.”
Separately, Howard Tenens has acquired the former Triumph manufacturing base in Swindon.
Howard Tenens has bought the facility on Groundwell Industrial Estate with support from property consultancies Savills and Whitmarsh Lockhart.
Located on a 7.2 acre site, the premises incorporate a 117,920 sq ft warehouse with 44,793 sq ft of mezzanine space and a two-storey administration office building at the front.
Simon Emms, Property Director at Howard Tenens, said:
"Groundwell Industrial Estate is a fantastic addition to our portfolio and offers plenty of scope for reconfiguration and refurbishment of the property.
"We intend to commence the refurbishment works shortly to provide a flexible and modern warehouse facility, with the works due to be completed at the end of Q2 2017.
"This acquisition bolsters our offering in Swindon where we currently have extremely high occupancy levels at our main Europa Industrial Park."
Rob Cleeves, a director in Savills industrial team in Bristol, added:
"We are pleased to be involved in this exciting project moving forward. The site has been well maintained and comes with the added benefit of expansion land to the side, which can be developed with the correct planning permission.
"With the lack of available property in the market we are sure that the property will be attractive to a wide range of occupiers."
Cleeves' comments were echoed by Paul Whitmarsh of Whitmarsh Lockhart, who said good levels of interest in the property from prospective tenants had already been received ahead of the official launch.
As a group Howard Tenens continues to build on its freehold network of property and warehousing facilities with developments in Ashby, Andover, Boston, Cheshire, Greater London, Swindon and Manchester.