A developer behind a number of major building projects in Bristol has acquired a site next to Burnham-On-Sea’s M5 junction and is planning to build a £25m logistics base on the land.
Cubex, backed by Fiera Real Estate, has announced the purchase of a 12-acre greenfield site close to the M5 at Junction 22 and next to the A38.
The company says it plans to obtain planning permission and speculatively build out a “Grade A 160,000 sq ft logistics unit” on the site.
Joe Downey, director at Cubex, says the acquisition “sets the tone” for the firm’s future growth, and that it had “a number of similar deals in legals” and was actively targeting further opportunities.
The site is the eleventh purchase of a fund with over £100m of committed equity that is part of a “programmatic venture series” between Fiera Real Estate and CBRE Investment Management.
Chris Button, fund manager at Fiera Real Estate, says: “We are delighted to acquire this strategic south west logistics site with Cubex – in a superb location, it is able to service the population of the M5 corridor with ease and in a highly sustainable way – it ticks all the boxes.”
Peter Walford, managing director of Cubex, adds that the deal marks a “new chapter” for Cubex.
“It demonstrates our abilities to source and acquire prime development opportunities in targeted market sectors with our in-house funds,” he said.
