A speculatively developed 65,000 sq ft industrial unit at Birmingham’s Advanced Manufacturing Hub (AMH) has been acquired by one of the UK’s leading institutional investors, Barberry Developments has announced.
M&G Real Estate has purchased Barberry 65, a prime distribution unit let to Mayflex UK Ltd for 10 years, located 2.7 miles from Birmingham city centre and on junction six of the M6.
Barberry Developments announced the deal shortly after the new unit reached practical completion.
Barberry development director Jon Robinson said: “The sale of Barberry 65 to M&G Real Estate, widely recognised as one of the UK’s leading institutional investors, demonstrates that our commitment to delivering industrial units of the very highest quality is recognised across the market.
“We have worked hard and invested heavily to create a Barberry brand in the industrial/logistics market providing high quality buildings to an institutional specification and it is hugely satisfying to know that investors recognise the quality of our developments.”
At the time of the sale, Barberry successfully hit key benchmarks in the ‘Mid-Box’ industrial/logistics market in Birmingham with the city’s highest sale price per sq ft at Barberry 46 and the highest rent per sq ft at Barberry 65.
Birmingham City Council and Homes England, advised by Savills, sold the 2.9-acre site in Aston, to Barberry in Q1, 2018. Following Barberry’s investment, less than 11 months later the speculatively built unit was let one month prior to practical completion.
The company’s 46,000 sq ft industrial unit – known as Barberry46 – at a site on the A34, between Birmingham city center and J7 of the M6, was acquired recently by Crown Equipment Corporation.
Jon added: “Birmingham and the West Midlands is in dire need of more high quality industrial accommodation and so we are researching further opportunities across the region and the UK. Barberry has developments coming forward in Daventry, Durham, Wolverhampton, Bristol, Luton, Coventry and Cannock. We currently have an industrial/logistics pipeline of circa 2.4 million sq ft at sites consented and in planning.
“The AMH development complements several other schemes that Barberry is delivering. Our investment is generating strong demand from both regional, national and global manufacturing, light industrial and research and development businesses – ultimately generating jobs, economic growth and regeneration for the region.”
Ned Jones, investment director at Savills, said: “We’re delighted to have advised Barberry on the sale of this prime industrial investment and the quality of the product delivered by the company was evident in the price and yield that was achieved. It was a joy to deal with both Barberry and M&G Real Estate on this transaction.”
Savills acted on behalf of Barberry and FSP acted on behalf of M&G. Barberry will be attending MIPIM supporting the Midlands Engine.