Sainsbury’s has bought the circa 25-acre Exeter Gateway site in Devon for a new 500,000 sq ft distribution centre.
The land forms part of the new commercial area to be developed to the east of Exeter, adjoining Exeter Airport.
All parties declined to comment on the price; however, land values in the area can reach up to £250,000 per acre.
Simon Lloyd, head of industrial and logistics at DTZ, which advised the vendor, the Church Commissioners, said: “The CC has owned the land for many years and has been fully involved in driving forward the comprehensive development proposals with East Devon district council.”
Cushman & Wakefield acted for Sainsbury’s.
joanna.bourke@estatesgazette.com
