Financial statements for year ending June 2021:
Barberry Group has enjoyed another highly successful year of development and investment, with both turnover and profits rising significantly.
In its latest financial statement for the year ending June 2021, turnover was £31.7 million (2020; £8.4m) with profits before tax of £3.7 million (2020; £1.7m), group director Henry Bellfield said.
During a busy year Barberry secured £26 million from the sale of logistics and manufacturing space where it saw significant demand in the sector. Key completions during 2021 included the sale of Barberry 72 – a grade A mid box urban logistics unit in Daventry.
Following the completion of a 35-year lease on a state-of-the-art manufacturing and design facility for Moog in Tewkesbury, the Group completed the land sale and secured forward funding for the construction of the net zero carbon building which commenced in 2021.
These disposals, together with the net rental income, contributed £5 million to operating profits during the financial year.
Rental income from commercial and residential properties was £1.5 million (2020: £1.6m) and has remained relatively stable. The Group also secured £3.2 million of disposals from the sale of residential properties.
Whilst the pandemic created challenges, the Group has remained resilient as it continued to work with tenants in order to maintain occupancy levels and minimise void costs.
Henry said: “Our strategy to increase value through asset management initiatives, refurbishment and development continues and we constantly review the portfolio and seek to dispose of assets where no further asset enhancement opportunities exist, allowing capital to be recycled into other growth opportunities.
“The Group continues to focus on sectors with strong long-term growth potential and has accelerated the development of industrial and logistics space. The Group is confident that it will continue to secure land, pre-lets and further sales of industrial and logistics space.”
In addition to the income streams outlined above, the Group continues to promote and bring forward sites for residential development and continually seeks and secures new opportunities.
The Group is looking ahead with confidence, added Henry: “We are still pushing hard into the industrial and logistics market which is experiencing record levels of occupier take-up and investment demand.
“We are currently on site constructing around one million sq ft of industrial space across 13 buildings, focussing on our signature high specification and ESG credentials. The Group has a current industrial and logistics pipeline of 3.6m sq ft, plus nearly 400 acres of strategic land for residential promotion, and remains poised to drive through further improvements to turnover and profits.”