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.
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.
-ends-
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.
The new site www.barberry.co.uk not only details the activities of the group but also Barberry’s opinions on the markets in which they operate.
Henry Bellfield, explains,
“Online is essential in our communications programme and also the logical thing to do for the environment. Our partners and clients regularly need to know what we are doing and can now use our website to keep up to date with our plans and achievements. Instead of having to send out hundreds of letters and brochures to provide information on every scheme, the new website communicates up to date news and our requirements instantly. Furthermore as the property market is in a perpetual state of flux our priorities can vary from month to month. At the moment we are actively pursuing income producing investment opportunities with significant angles to add value. A period where it is difficult to obtain credit favours responsible borrowers like ourselves who have established excellent relationships with lenders and are therefore low risk. “
]]>The new site www.barberry.co.uk not only details the activities of the group but also Barberry’s opinions on the markets in which they operate.
Henry Bellfield, explains,
“Online is essential in our communications programme and also the logical thing to do for the environment. Our partners and clients regularly need to know what we are doing and can now use our website to keep up to date with our plans and achievements. Instead of having to send out hundreds of letters and brochures to provide information on every scheme, the new website communicates up to date news and our requirements instantly. Furthermore as the property market is in a perpetual state of flux our priorities can vary from month to month. At the moment we are actively pursuing income producing investment opportunities with significant angles to add value. A period where it is difficult to obtain credit favours responsible borrowers like ourselves who have established excellent relationships with lenders and are therefore low risk. “
]]>Martyn Cartwright, Director of Barberry Group explained the rationale of the deals.
“Somerfield saw these sites as surplus to their requirements and not ideal to redevelop as new Somerfield stores. We looked at each location on its merit and have determined a successful outcome in each case by investing in the site and re-modelling the offerings to appeal to more suitable retailers.”
In Sutton Coldfield in the West Midlands, Barberry has agreed a 15-year pre-let on the 16,500 sq ft unit with DSG Retail trading as PC World. Barberry has commenced works on the standard PC World fit out with completion anticipated in Spring 2008.
Barberry also concluded a new 25 year lease with Aldi Stores Limited for a 16,250 sq ft unit in Bradley Stoke, five miles north of Bristol. The end value of the development will be in the order of £7million.
“Following the closure of the Somerfield around £1million has been spent improving the property including a new glazed shop front to the Aldi unit, resurfacing of the car park and provision of new lighting columns” added Cartwright.
Countrywide Farmers Plc has agreed a ten year lease on a two storey unit in Totton, Southampton worth circa £1.55million.
Finally in Rugeley, Staffordshire Barberry re-modelled 11,000 sq ft into three new units of varying size. Barracuda Group, trading as Smith & Jones agreed a 25-year FRI lease following a change of use to A3. The end value of the development will be in the region of £2.5million.
“These deals have demonstrated our ability to transform redundant sites into attractive opportunities for high quality tenants. We made quick decisions in each case and established a positive relationship with Somerfield in the process. We are always on the lookout for similar schemes in the future.” added Cartwright.
]]>Martyn Cartwright, Director of Barberry Group explained the rationale of the deals.
“Somerfield saw these sites as surplus to their requirements and not ideal to redevelop as new Somerfield stores. We looked at each location on its merit and have determined a successful outcome in each case by investing in the site and re-modelling the offerings to appeal to more suitable retailers.”
In Sutton Coldfield in the West Midlands, Barberry has agreed a 15-year pre-let on the 16,500 sq ft unit with DSG Retail trading as PC World. Barberry has commenced works on the standard PC World fit out with completion anticipated in Spring 2008.
Barberry also concluded a new 25 year lease with Aldi Stores Limited for a 16,250 sq ft unit in Bradley Stoke, five miles north of Bristol. The end value of the development will be in the order of £7million.
“Following the closure of the Somerfield around £1million has been spent improving the property including a new glazed shop front to the Aldi unit, resurfacing of the car park and provision of new lighting columns” added Cartwright.
Countrywide Farmers Plc has agreed a ten year lease on a two storey unit in Totton, Southampton worth circa £1.55million.
Finally in Rugeley, Staffordshire Barberry re-modelled 11,000 sq ft into three new units of varying size. Barracuda Group, trading as Smith & Jones agreed a 25-year FRI lease following a change of use to A3. The end value of the development will be in the region of £2.5million.
“These deals have demonstrated our ability to transform redundant sites into attractive opportunities for high quality tenants. We made quick decisions in each case and established a positive relationship with Somerfield in the process. We are always on the lookout for similar schemes in the future.” added Cartwright.
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West Midlands based developer Barberry Group has purchased a prominent 16,500 sq ft four storey building on Leicester high street citing Leicester’s “exciting retail future” as the reason behind the purchase.
The building currently let by interior design retailer Habitat is located at 40-50 High Street right at the heart of the regeneration taking place within the city centre.
“Barberry Group has identified Leicester as one of the top ten cities in the UK. We are witness to the rapid and positive change in Leicester city centre. The high street is being pedestrianised to increase footfall and a new John Lewis department store is due to open this year within the prestigious Highcross shopping centre, directly opposite the high street. This is very good news and heralds exciting times ahead for Leicester shoppers. Our purchase demonstrates our confidence in the city as a location where retail has a bright future.” Said Jason Jasper, Project Manager for Barberry Developments.
The sale was completed in January 2008 and yielded net 6.07%. Habitat has an option to determine the lease in 2010.
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West Midlands based developer Barberry Group has purchased a prominent 16,500 sq ft four storey building on Leicester high street citing Leicester’s “exciting retail future” as the reason behind the purchase.
The building currently let by interior design retailer Habitat is located at 40-50 High Street right at the heart of the regeneration taking place within the city centre.
“Barberry Group has identified Leicester as one of the top ten cities in the UK. We are witness to the rapid and positive change in Leicester city centre. The high street is being pedestrianised to increase footfall and a new John Lewis department store is due to open this year within the prestigious Highcross shopping centre, directly opposite the high street. This is very good news and heralds exciting times ahead for Leicester shoppers. Our purchase demonstrates our confidence in the city as a location where retail has a bright future.” Said Jason Jasper, Project Manager for Barberry Developments.
The sale was completed in January 2008 and yielded net 6.07%. Habitat has an option to determine the lease in 2010.
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