19/12/2009
The Warwickshire-based developer, headed by the former Astral co-founder, has this week been granted outline planning consent byBristol City Council to develop a 1m sq ft distribution park on a 62 acre site held in a joint venture with French chemicals company Rhodia.
It has also been granted detailed planning consent to build a 550,000 sq ft frozen warehouse at the site which it is thought to have agreed to develop for supermarket giant, ASDA as tipped by Property Week.
Bericote is undertaking this first phase of development for the supermarket as soon as March.
It is thought to be funding the first phase itself and then will sell the completed development to Asda.
Bericote is undertaking this first phase of development for the supermarket as soon as March.
It is thought to be funding the first phase itself and then will sell the completed development to Asda.
This follow a joint venture agreement struck with AstraZeneca to build a £140m distribution park on another 85 acre site near Avonmouth where it is preparing to submit a planning application for a 1.5m sq ft scheme.
Bericote is also targeting supermarket and food store occupiers for this scheme and is thought to be in advanced talks with one anchor tenant for the scheme.
Occupiers including the CoOperative Group and Morrisons both have large requirements in the Avonmouth area.
The developer is seeking to carry out an “open book” development arrangement with them whereby it takes a 5% margin as it has previously used with Asda Walmart.
Saint told Property Week: “This is the only major industrial site at the Bristol docks yet to be redeveloped and, as such, was targeted by Bericote as the last ‘stand out’ short term opportunity in the Bristol area.
“It is another example where Bericote’s ability, as an independent company, to draw from its own strategic judgement and cash resources, has helped us bring forward a site when the sector is generally in a state of inertia.
“Because we can move now and start developments with our own financing, we are in a strong position to get to the front of the queue in talks with occupiers.”
By Nick Duxbury
