Skip navigation

Gloucestershire Business News

County firm takes over massive Tesco distribution centre

A Stroud based logistics company has taken over a Tesco distribution centre in its largest ever acquisition.

Howard Tenens, advised by Cushman & Wakefield, has bought 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 and M4.

Simon Emms, property director at Howard Tenens, said: "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 3.6million 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.

Related Articles

Jobs and apprenticeships on offer as firm expands in Gloucestershire Image

Jobs and apprenticeships on offer as firm expands in Gloucestershire

More than 130 jobs and apprenticeships are up for grabs as one of the country's most successful engineering firms unveils growth plans.

Click here for more details
Export orders grow strongly as domestic orders hold steady Image

Export orders grow strongly as domestic orders hold steady

As Government remains embroiled in the ‘will we or won’t we leave the customs union’ question the CBI has gently dropped its views in the mix.

Click here for more details
MP joins fight against delayed pensions for women Image

MP joins fight against delayed pensions for women

Women from across the region are being invited to a special meeting to discuss changes to the pension age which have provoked outrage..

Click here for more details
Cheltenham clinic joins national healthcare group Image

Cheltenham clinic joins national healthcare group

A clinic offering physiotherapy and chiropractic services has joined The Medical group of healthcare practices.

Click here for more details

Copyright 2018 Moose Partnership Ltd. All rights reserved. Reproduction of any content is strictly forbidden without prior permission.