Howard Tenens has acquired the Tesco Distribution facility on New House Farm Industrial Estate in Chepstow for an undisclosed price.
The self-contained facility comprises a 282,297 sq ft (26,226 sq m) warehouse on an extensive site of 20.17 acres (8.16 hectares). Built in 1988 and let to Tesco, with CM Downton currently in occupation as sub tenants, the property benefits from excellent road links on to the M48(M) and M4.
Simon Emms, Property Director at Howard Tenens, commented: “The Chepstow facility is a fantastic addition to our portfolio and offers a secure income in a strategic location which is set to be enhanced further following the recent announcements regarding the abolition of tolls on the Severn bridges. We have invested significantly in our property portfolio over the last couple of years on the back of strong demand, increasing the estate by some 776,000 sq ft. This acquisition, our largest single purchase to date and the first in Wales, bolsters our portfolio to over 3.6m sq ft, continuing our growth strategy and I’m sure will prove to be an excellent long-term asset.”
Nick Allan, Investment Partner at Cushman & Wakefield, commented: “We are delighted to have advised on the purchase of this significant addition to the Howard Tenens portfolio. The South Wales market is continuing to prosper, whilst it is increasingly looking like very good value compared to the likes of Avonmouth and providing a strong employment base for occupiers.”
Cushman & Wakefield advised Howard Tenens on the acquisition and Colliers International advised the vendors, increasing Tenens operations across the UK to 21 and growing.