The More+ Central Park acquired by the fund totals almost 560,000 sq ft at Avonmouth, near Bristol.

The mid-box logistics park includes five completed units forming the 176,393 sq ft phase one, and six further units to be built out as phase two, which will be developed by Richardson Barberry under the terms of the deal.

Occupiers at phase one include Network Rail, Pilkington, and SIG Roofing.

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Jonathan Robinson, development director and shareholder at Barberry Industrial, said: “The sale crystalises our business plan, which was to develop the first and best in class mid-box logistics park in Central Park, Avonmouth; cater for the supply and demand imbalance that exists in the occupier market in [the area], and create a suitable trophy asset for a fund to purchase.
 
“The occupiers we have already attracted to the park pays testament to the quality and location of the business park, and provides us with the confidence that phase two will also be a success and appeal to more quality occupiers. 

“We are very much looking forward to starting phase two construction in March 2021, with practical completion in January 2022.”

Henry Bellfield, group director at Barberry Group, added: “The sale of More+ Central Park demonstrates yet again the ability of the Richardson Barberry joint venture to create trophy assets of the highest quality in first class, strategic locations. 

“I would like to thank everyone involved in delivering this exceptional development and we look forward to securing further opportunities at key logistics sites in 2021.”
 
Mark Watkins, director at Richardson Barberry, commented: “This transaction is another success for the partnership, which has a long track record of delivering highly successful developments. 

“We are already working together to bring forward a £140m logistics park in the North East, and we are actively considering further opportunities in this sector as part of our ongoing development strategy.”