Tesco has let its former distribution centre
SUPERMARKET giant Tesco has let its former distribution centre in Chepstow in one of the biggest industrial property deals in Wales this year.
The site, which extends to nearly 300,000sq ft, has been sublet to logistics firm CM Downton.
Property consultancy JLL advised Tesco on the transaction, which sees the retailer sub-letting the property to logistics firm CM Downton on a four-year lease until 2021.
The warehouse is part of the Newhouse Farm Distribution Centre, which consists of 15 industrial units.
Other high profile occupiers include Bidvest, Bond International and Asda. It is located immediately south of Junction 2 of the M48.
Heather Lawrence, senior surveyor at JLL, said: “This is certainly one of the largest industrial buildings in South Wales and it’s fantastic to have this building back in use again.
“The estate has always been popular but has become even more so in recent months, possibly as a result of the reduced Severn Bridge tolls which come into force in January.
“It’s also in a good location as it offers excellent access into Wales as well as the north of England via the A48 to the M5.”
The property was built for Tesco in 1988, but the company vacated it in 2009 when it moved its regional distribution facility to Avonmouth.
CM Downton already has a presence at Newhouse Farm Distribution Centre where it is serving growing client base in south Wales.