Barberry Estates has successfully completed the sale of a fully let retail and leisure investment property in Rugeley town centre. The property, formerly a supermarket, has been owned by Barberry for 17 years and is divided into two large retail units occupied by Anytime Fitness and Air Ambulance. The sale also included a 43-space Pay and Display car park located at the rear of the property.
The investment has a WAULT of 5.9 years to expiries and a total passing rent of £82,625 per annum. It was sold for £940,000—exceeding the asking price and reflecting a net initial yield of 8.32% based on the retail income. The purchaser was a private Self-Invested Personal Pension (SIPP), associated with LCP.
Emilie Meddings, Property Surveyor for Barberry, commented: ‘We are pleased to have successfully completed the sale of this fully let retail and leisure investment in Rugeley. The property offers strong fundamentals with established tenants and good income. We appreciate the efforts of all parties involved in concluding this transaction.’
This transaction enables Barberry to focus on recycling equity to fund new developments and strategic land promotions. The company continues to expand its development and investment portfolio, with 515 acres of strategically located residential and employment development land, capable of delivering 3,500 new homes including a 314 Build-to-rent (BTR) apartment scheme in the heart of Coventry city centre, and a 2.5 million sq. ft industrial/logistics development pipeline with a Gross Development Value of more than £400 million.