Gatwick 55, a new 55,000 sq ft warehouse in Crawley that is currently being built in joint venture between Barwood Capital, the Northampton-based real estate investment and development business, and Goya Developments, has exchanged with LondonMetric Property PLC in the forward sale for £10.71 million reflecting a 5.03% net initial yield.
Gatwick 55 has been pre-let to Barker and Stonehouse, the UK’s largest independent furniture retailer, for 15 years at a rent of £10.77 per sq ft. LondonMetric has acquired the freehold as part of its eight ‘last mile’ distribution warehouse portfolio. Practical completion on the warehouse is due in March 2017.
Gatwick 55 was acquired in November 2015 for Barwood’s 2015 Property fund, a closed ended five year fund that closed in July 2015 with the ability to secure more than £100 million of commercial and residential property assets. Since then, planning permission was granted for the new development, the pre-let secured to Barker and Stonehouse and now the forward sale.
Edward Henson, director, Barwood Capital said: “We continue to allocate our Fund’s resources in locations around the UK where there is a mismatch of occupier demand and supply for industrial warehousing. This has allowed us to build a warehouse which will meet Barker and Stonehouse’s growth plans whilst crystallising a strong and rapid return for our Fund’s investors.”
Colliers International represented Barwood Capital and Goya Developments on the sale.
