Tyre wholesaler buys former Yankee Candle distribution centre
UK tyre wholesaler Bond International has bought the former Yankee Candle distribution centre in Avonmouth to replace its Chepstow facility and support its growing third-party logistics (3PL) and wholesale operations for an as yet undisclosed sum.
By Liza Helps, Property Editor, Logistics Matters
THE DEAL handled by Cushman & Wakefield on behalf of Blackstone involved a back-to-back lease surrender paired with a immediate freehold sale of the vacant property to Bond International.
The new Avonmouth site, which can hold roughly 350,000 tyres is a significant upgrade over its older, outgrown facility in Chepstow and according to Bond International CEO Charlie Bond was selected for its exceptional transport links, allowing the wholesaler to meet growing demand and fulfil same-day delivery contracts for premium manufacturers.
This acquisition comes hot on the heels of major nationwide expansions, including the construction of its £12 million state-of-the-art headquarters in Pocklington, North Yorkshire. The development reflects Bond’s rapid expansion since 2019 and will provide the infrastructure needed to support the next phase of the business’s growth.
The Avonmouth facility totals 174,636 ft2 of space and sits on an 7.86 acre site. Built in 2008, it consists warehouse space totalling 151,544 ft2 with 12m eaves as well as 16 dock and one level access door served by a large self contained yard with parking for 30 HGVs. It has circa.18,500 ft2 of two storey offices and amenity space including canteen as well as a separate gatehouse
The property is located at Cabot Park, Avonmouth, approximately 2 miles from Junction 18/18a of the M5 motorway.
It was originally leased to Yankee Candles on a 15 year lease with no breaks from March 2012 at a rent in the region of £6.25 per ft2 with then landlord Standard Life. The property was bought by Delin Capital Asset Management in 2013 for £12 million. It was until its sale part of a portfolio of properties spanning the UK and the Netherlands used to seed a partnership between Delin and Blackstone to target prime European logistics assets in 2017.
Newell Brands which owns Yankee Candles is undergoing a global corporate reorganisation and as part of this move decided to close its distribution centre in Avonmouth. The facility was originally offered on a sub lease basis to March 2027.
Cushman & Wakefield advised on the back-to-back lease surrender and freehold sale deal to Bond International
