Real Estate experts from leading UK law firm Burges Salmon have acted for The Crown Estate on the sale of Honda's biggest storage depot in Cabot Park, Avonmouth, to the BlackRock UK Property Fund and Canmoor for £31 million.
Led by senior associate Matthew Sims, the firm’s Real Estate team acted for The Crown Estate on the sale, which formed part of its announcement of £130 million of property transactions that also included a commitment to fund the development of the £80 million Banbury Gateway fashion park and the sale of Zenith Industrial Estate in Basildon for £19 million.
James Cooksey, head of regional portfolio at The Crown Estate, said: 'Consumer trends continue to show a preference for destination retailing, which is why we increasingly see retailers consolidate into larger, more dominant schemes. These market dynamics, our specialist skills and critical mass underpin our investment in assets like Banbury Gateway and our commitment to the sector, which we expect will continue to outperform.'
Matthew Sims said: 'The firm’s Real Estate team acted for The Crown Estate in its purchase of Honda’s site in Avonmouth in 2005 and also in the sale of part of Honda’s original site in 2011 for £10.5 million, which is now used by The Co-operative Group as a major regional distribution centre. Given our previous involvement, we were delighted to act for The Crown Estate again in its strategic disposal of this site.'