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BARBERRY GROUP BUY TWO SWANSEA RETAIL PARKS FOR £10.3M

By Barques | July 10, 2008

Barberry Group has exchanged contracts to purchase Phoenix Retail Park and Lion Way Retail Park, Swansea, South Wales, for £10.3M from International Asset Management Company, Threadneedle.

The 7.9 acre site, part of the established Swansea Enterprise Park, comprises two retail warehouse parks constructed in 1985, totalling 95,000 sq ft, with 359 car parking spaces. The retail parks are located to the north of the city centre with good access to the M4, junctions 44/45.

“These are first generation retail units benefiting from open A1 (part food) retail consents. This is a very significant retail deal for the area and represents our confidence in the market and the regeneration of the South Wales area in keeping with the Welsh Development Agency and their Property Strategy for employment in Wales (2004-2008). Swansea is the administrative centre of South West Wales with a catchment area of 1.5 million people within one hour’s drive. The purchase is typical of the investments we are actively seeking at this time. Barberry Group is in a strong financial position to acquire land and property with added value potential. There is the opportunity to further invest in the retail parks in order to bring the units up to contemporary standards and we anticipate this being part of our future plans. ” Said Jon Bellfield, Director of Barberry Group.

The surrounding area is a major retail destination with an established retail presence including Tesco Extra, Allied Carpets, MFI, PC World, Focus and Comet.

“With just 21% of the site covered we also have the option to develop additional units on site as the growth in the retail need for the area continues..” Added Bellfield.

Current net rents are £896,706 per annum with rents from £9.50 - £12 per sq ft.
Lambert Smith Hampton acted for the Barberry Group with King Sturge acting for Threadneedle.

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Darral Lambert, Barques Design, 33 Ludgate Hill, Birmingham. 0121 233 2080.

Notes to editors
Barberry is a privately owned development and investment company established in 1991 and based in the West Midlands. The company is active in all sectors of the property market and has a reputation for creating investments for institutional markets. Barberry has also completed several partnership and joint venture developments. Further information is available online http://www.barberry.co.uk.

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