AXA Real Estate has acquired 33 acres earmarked for a distribution centre for The Co-operative Group in Avonmouth, for £10.5m.
AXA purchased part of the Cabot Park site, owned by The Crown Estate, on behalf of a client.
Planning consent for The Co-op distribution centre was recently granted. The facility, expected to be completed in mid-2012, has been prelet to the retailer on a 20-year lease, at a rent of more than £2m a year.
Drivers Jonas Deloitte acted as agents for The Crown Estate.
joanna.bourke@estatesgazette.com
