Joint venture developer and investor Richardson Barberry has acquired the national returns centre of one of the UK’s largest parcel delivery companies, it was announced today.
Richardson Barberry has agreed a multi-million-pound deal with Cheltenham-based investment and asset management company Formal Investments for the 113,000 sq ft distribution unit on a seven-acre site at Swift Park, Cosford Lane, Rugby, Warwickshire.
The off-market deal marks the latest acquisition by the ambitious joint venture partners which in recent years has invested in major sites including the development and sale of a 40-acre mid-box industrial park in Avonmouth, Bristol, delivering 11 buildings totaling 559,218 sq ft which it sold for £78million.
It also secured a planning consent to deliver 1.74m sq ft of warehouse/logistics space on a 110-acre site at Forrest Park, Newton Aycliffe.
Jonathan Robinson, Barberry development director, said: “The completion of this site purchase marks Barberry’s fifth site acquisition this year. It’s fantastic to be able to announce that the Richardson Barberry joint venture is working stronger than ever having completed the acquisition of EVRI’s national returns centre in Rugby, adding to our prime West Midlands mid-box industrial and logistics pipeline.
“This is an exciting asset management opportunity, which builds on our impressive joint portfolio of high-quality assets and development sites. This major acquisition in a location that is referred to as ‘the UK’s Golden Triangle for Logistics’ clearly demonstrates the scale of Richardson Barberry’s ambitions. We are also seeking new investment and development opportunities as part of our national growth strategy and hope to announce more transactions in the near future.”
Matt Norton, head of property at Formal Investments, said: “This site has been a long-term income producing asset for us, first acquired back in 2010. The strategic location and exciting asset management opportunity underpin a solid acquisition by Richardson Barberry, who were a pleasure to transact with.”
Savills and Cushman & Wakefield acted as agents on the deal.
Barberry recently announced plans to build a warehouse at Tournament Fields Business Park in Warwick. It acquired the last remaining plot at the sought-after site and has submitted a planning application for an 85,250 sq ft Grade A distribution and logistics unit near Junction 15 of the M40.
Barberry has also revealed plans to develop two high quality warehouse units. In Birmingham, it plans to build a £17 million 77,750 sq ft Grade A warehouse after acquiring a site in an off-market deal near Junction 3 of the M5 at Quinton Business Park. It plans to develop an advanced manufacturing unit in Coventry, where it will deliver a 50,750 sq ft industrial unit at Ansty Park after completing the acquisition of the Viggen Way site, near Junction two of the M6, from Homes England.
Barberry 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. The company also 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.
Richardson is a private, family-owned and operated property business with over half a century of real estate experience in the UK and overseas. Typically working in joint venture, the business has a long history of successful partnerships, having developed over 17 million sq ft of real estate across all sectors. More recently the family has continued to diversify by building an international growth capital portfolio across a range of sectors through a direct and co-investment programme.