Buyer sought for 352,303 sq ft Argos distribution hub
Sainsbury’s is seeking a buyer for the freehold of a 352,303 sq ft Argos regional distribution centre in Bridgwater, as the retailer seeks to consolidate its operations.
The supermarket giant has appointed Avison Young to find a tenant or buyer for Big Box 24, seeking freehold offers of more than £21m (£59.61 per sq ft). It is thought to be one of the largest standing distribution warehouses in the South West.
The distribution centre is set to be vacated from early- to mid-2022, as part of the integration of the Sainsbury’s and Argos distribution networks.
Sainsbury’s is seeking a buyer for the freehold of a 352,303 sq ft Argos regional distribution centre in Bridgwater, as the retailer seeks to consolidate its operations.
The supermarket giant has appointed Avison Young to find a tenant or buyer for Big Box 24, seeking freehold offers of more than £21m (£59.61 per sq ft). It is thought to be one of the largest standing distribution warehouses in the South West.
The distribution centre is set to be vacated from early- to mid-2022, as part of the integration of the Sainsbury’s and Argos distribution networks.
Paul Hobbs, director within the specialist national industrial team at Avison Young, said: “This asset will undoubtedly attract the attention of logistics and retail businesses which are responding to the demands of the past 18 months, and the continuing boom in home delivery requirements.
“We are now looking for a buyer or occupying tenant which can take advantage of this fully-fitted warehouse, strategically situated to service the South West, located in an area with a local, ready workforce and close to Europe’s largest construction site at Hinkley Point C.”
He added: “The past twelve months have seen challenges across all market sectors, but these changing conditions and a structural shift in how we are shopping have resulted in a continued demand for logistics and warehouse space across the UK. We are seeing record take-up this year within the sector, with business confidence continuing to be robust.”
According to Avison Young’s Big Box Bulletin, UK take-up of grade-A warehouses measuring more than 100,000 sq ft amounted to 25.8m sq ft during H1 2021, 73% up on the five-year, six-monthly average.
There has been 46.1m sq ft of take-up over the past 12 months. During this time, there have been 162 transactions.
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Image © Avison Young
