Largest logistics letting in the South West this quarter completes
M7 Real Estate has fully let 1500 Western Approach, a 66,000 sq ft logistics property on Western Approach Distribution Park in Bristol, to PICS Telecom.
The transaction is the largest logistics letting in the South West for Q1 2023.
PICS Telecom has signed a 15-year lease for the space with favourable terms following a comprehensive refurbishment of the building in 2022 after the departure of the previous tenant.
Other occupiers at Western Approach Distribution Park include Royal Mail, Next, Amazon, DHL, Warburtons, and GKN Aerospace.
Sadie Fitzpatrick, senior asset manager, M7 Real Estate said: “When the previous occupier vacated the asset at 1500 Western Approach, we identified an opportunity to leverage our asset management expertise by carrying out a full refurbishment of the property. Subsequently, we have been able to fully let the space, reflecting M7’s ability to capture the current interest we are witnessing from occupiers for high quality, well-located logistics assets in the South West which faces an acute lack of supply.”
Alex Quicke, surveyor in the industrial and logistics team based in CBRE’s Bristol office, added: “The property was refurbished to a high standard last year setting a benchmark for high quality, modern logistics space within the South West market and solidifying positive occupier intent to expand, despite ongoing national economic uncertainty.”
M7 was advised by CBRE, Cushman and Wakefield, Gowlings, and Hollis.
