LondonMetric Property has bought a long-let Marks & Spencer logistics warehouse near Bristol for £74m.
The deal for the under-construction 390,000 sq ft warehouse at Axis Works reflects a net initial yield of 5.65%. It is prelet to M&S on a 20-year lease and is being developed by Epta Development Corporation and development partner Stoford, with completion expected in the summer of 2026.
LondonMetric chief executive Andrew Jones (pictured), said: “This is a high quality development let on a very long lease to one of the UK’s strongest retailers. It will deliver income longevity, certainty and guaranteed growth. It further extends our relationship with M&S and adds another exceptional building to LondonMetric’s portfolio.”
