EDC and Stoford secure £74 million pre-let and sale of a M&S logistics unit at Axis Works, Bristol to LondonMetric Property Plc.
Development of the 390,000ft² warehouse is set to begin imminently, having been pre-let to M&S on a 20-year lease.
The partnership reports that the sale represents the largest forward funding deal in the UK in the last 18 months, providing a significant boost to the market.
Additionally, the unit is targeting BREEAM ‘Excellent’ certification and an EPC ‘A’ rating. It is expected to be completed in the summer of 2026.
Located at Central Park, Avonmouth, Axis Works spans 101 acres and has hybrid planning consent to deliver c. 2 million ft² of new industrial, warehouse and logistics space.
The site was acquired by EDC in 2020 and has since undergone remediation, including the demolition of a former AstraZeneca manufacturing facility, site elevation and servicing, and extensive drainage infrastructure improvements.
CBRE and Knight Frank acted for EDC and Stoford. Lambert Smith Hampton represented M&S.
Alex Freudmann, managing director of M&S Food, said: “Modernising our supply chain is key to increasing the capacity in our network and will help us get ahead of the volume curve we are driving in M&S Food to meet our ambition of becoming a shopping list retailer.
“This new site will ensure that we’re getting the right products to the right stores at the right time for our customers. It will also create a great working environment for our colleagues.”
Dan Gallagher, joint managing director at Stoford, added: “We’ve been working on this opportunity alongside EDC for the last two years and are delighted to see it come to fruition.
“We have already made a significant investment in site infrastructure and look forward to delivering a state-of-the-art logistics facility in one of the UK’s most sought-after distribution locations.”
