April 3, 2023
3rd April 2023 – Fiera Real Estate (“FRE UK”) and Cubex are pleased to announce that they have secured planning for a 156,000 sq.ft Grade A logistics scheme on their 12-acre site near Highbridge. The site which sits adjacent to the M5 has a GDV of £25m.
The site was purchased unconditionally in 2021 on behalf of Fiera Real Estate Opportunity Fund V UK (“FREOF V UK”), the fifth fund in Fiera Real Estate’s £600m value add series. The Fund completed its final close in Q3 2022 with £180m.
The site is situated south of Bristol in a highly accessible, strategic location, adjacent to the M5 at Junction 22 and accessed off the A38, in an established logistics location. Nearby occupiers include Yeo Valley, Off-Site Solutions and Briarwood, with a high level of surrounding amenity, it provides a great location from which to service the South West region and beyond via the M5/M4 corridors.
ESG has been imbedded into all stages of the design. The scheme is targeting BREEAM Excellent and EPC A rating and will also include electric car charging points and roof lights to the warehouse space. Energy-efficient lighting, heating and cooling will be installed to encourage reduced energy consumption above Part L Regulations.
Joe Downey, Managing Director of Cubex commented “We have worked hard with the local planning authority to secure consent for this high-quality scheme which is designed to meet the needs of local, regional and national businesses in the wider M5 market. Vacancy rates continue to remain low and demand is very strong for what will be one of the most sustainable speculatively developed schemes in the market. We are looking forward to starting onsite to deliver the scheme.”
Chris Button, Head of Value Add commented “We are delighted to have secured planning for this this strategic logistics site with Cubex – in a superb location, it is able to service the population of the M5 corridor with ease and in a highly sustainable way – it ticks all the boxes”.