Barberry Group has sold an industrial estate in Leighton Buzzard, Bedfordshire, to Helical Bar plc in a £9.9 million deal.
The deal means that Barberry no longer has any industrial property in its varied portfolio, but the Midlands-based company hasn’t ruled out investing in the sector if the right opportunity arises.
Barberry acquired the 200,000 sq ft former Liptons Tea (Unilever) factory in 1999. The buildings occupy a prominent, secure and attractively landscaped site with extensive frontage to the Stanbridge Road.
The location – 0.75 miles to the east of the town centre and 1 mile to the north of the A505 Southern Relief Road – gives fast access to the A5.
Worcestershire-based Barberry invested in improvements and comprehensively re-modelled and divided the building into two high quality warehouse units. Both were refurbished to provide fully-fitted accommodation and are let on 15 year leases.
Building One is let to Peli Cool Logistics which provides the UK headquarters of their Cool Logistics speciality packaging division. Hi-Bay 1250 is let to Mini Clipper Logistics, an independent family business with over 40 years of UK distribution in Leighton. The headline rent is £843,500 per annum.
Barberry director Henry Bellfield said: “The market for industrial property in the south east of England is extremely strong and we decided the time was right to realise our investment in our units at Leighton Buzzard.
“They have been acquired by Helical Bar, which already has a significant portfolio of industrial properties, in a deal worth £9.9 million.”
He added: “As a predominately trading company this sale allows Barberry to recycle equity and accelerate investment in new ‘value add’ opportunities including development sites.”
Duncan Walker, Helical Bar’s investment director, said the estate offered the company future opportunities for asset management and demonstrated Helical Bar’s ability to find investment opportunities in an increasingly competitive market.
“This asset will generate substantial surplus cash flows as we continue to deliver value from our lower yielding London properties,” he added.
DTRE advised Barberry Group with Colliers International advising Helical Bar plc.
