The Range owner Chris Dawson has put the company’s new South of England distribution centre up for sale for £90m.
He is seeking a sale and leaseback of the 55-acre logistics development site in Bristol that he bought last month.
Dawson is building a 1.2m sq ft logistics hub for the homeware retail business on the site, which will be let on a 25-year lease at a rent of around £4 per sq ft.
A sale of the freehold interest would reflect a yield of close to 5%. It is the largest single-asset industrial investment opportunity to hit the market this year and is expected to attract both UK and international interest.
The site is in Delta Properties’ broader logistics development, Central Park. The Range hub is expected to -complete by 2017.
Dawson bought the site to boost The Range’s store growth and multi-channel operations.
He said: “This distribution centre is a big step in the expansion plans that I have for the business. It’s non-stop for us.”
The Range, which is positioning itself as “the working man’s John Lewis”, is looking to boost its UK portfolio by 35 stores to reach 150 shops this year.
Its pretax profit rose from £34.8m to £45.2m for the year to 26 January, as sales surged by 23% from £382m to £470m.
JLL is advising on the sale.
• To send feedback, e-mail amber.rolt@estatesgazette.com or tweet @AmberRoltEG or @estatesgazette
