European real estate developer Panattoni is planning to build a £250m industrial development near Bristol that will include the UK’s biggest-ever speculative logistics building.
The development, called Panattoni Park Avonmouth, will be located on a 73-acre site, which Panattoni has just acquired in an off-market deal. Other major occupiers in the area include Amazon, The Range, Lidl, DHL, Tesco and Davies Turner.
The company will start speculative development of two units – one that is 406,000 sq ft and another that is 882,000 sq ft – totalling 1.3 million sq ft.
Panattoni expects to start construction “shortly”, it said, with completion of the development expected in the third quarter of 2023.
James Watson, development director at Panattoni, said: “Our new acquisition gives us the ability to deliver large-scale speculative units in an established logistics location. UK stock remains at an all-time low at a time when Bristol and the wider South West and South East markets are experiencing their strongest take-up for many years.”
Last year, Panattoni bought the Honda Swindon factory following its closure after more than 35 years. Panattoni is planning to invest more than £700m into the site in a bid to attract new employers and provide space for businesses looking to expand, it said.
Agents for Panattoni Park Avonmouth are DTRE, JLL and Colliers.
