LondonMetric’s £74 million acquisition of a long‑let Marks and Spencer logistics warehouse marks a significant vote of confidence in Bristol’s position as a major national distribution hub, and won it a CoStar Impact Award, as judged by an independent panel.
Epta Development and Stoford Developments delivered the 390,000-square-foot facility, which was pre‑let to M&S on a 20‑year lease, at Axis Works, a prime logistics location next to the town of Avonmouth. The warehouse will play a key role in modernising M&S’s food-supply chain, “incorporating chilled, ambient and frozen capabilities”.
Designed to BREEAM Excellent standard, the development is expected to be completed in the summer, with the deal reinforcing sustained investor appetite for high‑quality logistics assets offering secure, inflation‑linked income.
About the project: Locally, the acquisition strengthens Bristol’s growing reputation as a strategic logistics corridor, one supported by connectivity to the M5, rail networks and port infrastructure. For the region, the development signals continued momentum in large‑scale industrial investment, with the new hub set to create operational jobs and enhanced supply-chain capacity. For LondonMetric, it extends their existing footprint in the area and deepens their long‑term partnership with M&S, aligning with its strategy to grow income‑producing assets in structurally supported sectors.
What the judges said: William Tomlinson, development director, Cubex, said of the project that “LondonMetric’s acquisition of the M&S warehouse stands out because it is a clear vote of confidence in prime South West logistics. A £74 million trade secured on a 20-year lease to M&S demonstrates pricing depth and conviction in Bristol and Avonmouth as core distribution locations.
“The BREEAM Excellent, multi-temperature specification aligns with modern supply-chain and environmental, social and governance requirements, making it a future-proof asset. It also supports jobs and food supply resilience, giving the transaction real-world impact. This is a deal that sets market tone and reinforces investor confidence in the sector,” he added.
They made it happen: Charles Binks, partner and Russell Crofts, head of industrial and logistics, Knight Frank; Philip Cranstone, director and Adam McMillan, senior director, CBRE; Dan Gallagher, joint managing director, Edward Peel, director and Ben Gwilliam, project manager, Stoford Developments; Andrew Jones, CEO, and Mark Stirling, asset director, LondonMetric Property; James Polson and Ollie Westwell, Lambert Smith Hampton; Chris Tsakumis, principal, Epta Development Corporation; Dan Foxton, head of estates and asset management, Marks and Spencer.
