Barwood Capital sells Leicestershire logistics park for GBP28.45m
Barwood Regional Property Growth Fund IV, a fund managed by Barwood Capital, has concluded the sale of a multi-unit logistics park in Bardon, Leicestershire, within just two months of Practical Completion.
In conjunction with their development partner, Tungsten Properties, Tungsten Park Bardon was sold to NFU Mutual Insurance Society Limited (NFUM) for GBP28.45 million.
Tungsten Park comprises four speculatively developed units, ranging in size from 22,000 sq ft to 93,000 sq ft and a combined area of over 200,000 sq ft. The scheme, that achieved PC in March 2021, has been built to a Grade-A specification and BREEAM ‘Very Good’. It is located in the heart of the UK’s golden triangle for logistics, with established occupiers nearby including DHL, Amazon, Bunzl and Nestle.
Adam Smith, Asset Management Director at Barwood Capital, comments: “The development at Tungsten Park presents a compelling opportunity for NFUM to acquire a multi-unit logistics scheme in an established Midlands location. Having agreed lease terms across 55 per cent of the scheme prior to PC in March, the development has been well received by the occupational market where supply remains constrained. We wish NFUM continued success in the future.’’
Ian Dunckley, Development Director, Tungsten Properties, adds: “Bardon is an exceptionally well-positioned logistics location and the development has delivered much-needed logistics space to the market. The occupational activity prior to PC is testament to the level of occupational demand we are experiencing.’’
Franck-Steier Price acted on behalf of Barwood Capital with Adam McGuinness of MWRE acting as occupational agent for the letting transactions. NFUM was represented by Savills.