Barwood Capital and Taurus Developments have completed their first development acquisition in a new joint venture, purchasing the ex-Pfizer distribution centre at New Lane Industrial Estate in Havant, Hampshire.
The site on Stanbridge Road totals five acres and will be redeveloped to provide up to 120,000 sq ft of industrial/warehouse space. A planning application has been submitted to Havant Borough Council and the existing building will then be demolished to pave the way for the new scheme which has been branded as “Velocity”.
Barwood Capital is an FCA authorised property fund manager and investment company and part of the Barwood Group of companies which was established in 1996. The acquisition has been made through the Barwood Commercial Property Limited Partnership (2012), Barwood’s third commercial property fund, managed by Director, Ed Henson.
Taurus Developments is run by former Land Securities and Goodman Development Director, Michael Gibbens. Taurus specialises in development in the industrial, warehouse and office sectors and in providing development management consultancy services to investors and occupiers.
Ed Henson of Barwood Capital commented; “We are delighted to have secured the acquisition of the Stanbridge Road site and look forward to working with Taurus in bringing about its redevelopment. This is a key development opportunity for our 2012 Fund and sits squarely within our investment strategy in seeking to deliver superior returns through the development process for our investors”.
Michael Gibbens of Taurus Developments added; “This is a prime employment site for Havant and provides a unique opportunity to respond to latent occupier demand in a very under-supplied market both in Havant and the wider M27 and A3(M) corridors. There are encouraging signs of renewed activity in the occupier market in this location and Velocity will be a new development to match these improving market conditions”.
CBRE and Colliers International are appointed letting agents on the scheme.
