08/07/24

Show homes sale completes £15m Barberry business plan

Barberry Group has announced the completion of its residential investment business plan with the sale of the final three show homes in its portfolio.

The disposal of the final homes culminates in a total transaction value of more than £15 million.

The 24 show homes were acquired by West Midlands-based Barberry in 2019 from two volume housebuilders, Avant Homes and Vistry Group. They were located across 11 residential development sites, from Chesterfield in the north to Bristol in the south and were acquired by Barberry on a sale and leaseback basis from the housebuilders.

Barberry’s property surveyor Emilie Meddings said: “The final three homes were sold to owner occupiers and marks the successful completion of our business plan, with a total transaction value of more than £15 million.

“The agreements worked extremely well for all parties. Barberry acquired the show homes subject to a leaseback to the housebuilders, providing them with the ability to extend leases depending on the speed of sales on each development and worked with the housebuilders to sell the show homes at the end of the development.”

She added: “Barberry continues to be opportunistic in seizing further projects by targeting high-growth sectors including industrial and logistics, residential, and roadside uses. We’re committed to reinvesting equity from this project into acquiring additional value-add investment opportunities and bolstering our expanding development pipeline.”

Barberry has 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. The company has a 2.5 million sq. ft industrial/logistics development pipeline with a Gross Development Value of more than £400 million and a growing income-producing commercial portfolio, delivering sustainable returns.

Emilie Meddings, property surveyor at Barberry.
CAPTION: Emilie Meddings, property surveyor at Barberry.

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