A prominent 13 acre site known as ‘Super G’ has been acquired by Barwood Capital, the Northampton-based real estate investment and development business, in a joint venture with the BA Pension Fund with development manager Tungsten Properties for £3.2m.
The site is located at Super G, Whistler Drive, Castleford just off junction 32 of the M62, south east of Leeds. The property is part of the Glasshoughton Development site developed by the vendor Waystone in partnership with Homes England.
The joint venture will speculatively build a single 258,000 sq ft warehouse to meet the high industrial and logistics demand in the market. Works are due to start on site in August 2018. The deal represents the first acquisition with development manager Tungsten Properties.
Ed Henson, director, Barwood Capital said: “We are delighted to have acquired this site at Castleford, not just because it will provide desperately needed warehouse space for occupiers, but also to have our first project with Tungsten Properties, as development managers. We have now received a detailed planning consent and look forward to delivering a high spec, state of the art warehouse for West Yorkshire. Barwood Capital is also able to offer the unique “secure start” service through our partner, the BiS Henderson Group, providing turnkey design, fit-out, recruitment and project management solutions.”
Jeff Penman, managing director, Tungsten Properties added: “We are delighted to be partnering Barwood Capital on this project. Super G represents an important project in Tungsten’s continued growth and having a partner who understands development such as Barwood Capital, has been key to delivering the project to this point. We look forward to getting on site in August.”
LSH acted on behalf of Barwood Capital; Franck-Steier Price and CPP acted on behalf of Tungsten Properties and Knight Frank acted on behalf of Waystone. The Letting Agents for Super G are CPP and Moriarty & Co.
Barwood Capital is currently in negotiations to acquire further sites through its recently closed 2017 Property Fund.
