Speculatively built warehouse sold in multimillion-pound deal
A new warehouse unit completed by West Midlands developer Barberry Industrial at a major industrial park in the South West has been sold in a £3.25m deal.
Barberry speculatively developed the 13,238 sq ft unit at its mid-box logistics scheme at Severn Road, Avonmouth, Bristol, and secured a pre-let deal with Vertical Aerospace before reaching practical completion.
Known as Barberry 14, the new unit has been acquired by private clients of agents Fisher German.
Occupier Vertical Aerospace is a global aerospace and technology company, which is pioneering zero emissions aviation. The unit is now home to the company’s Vertical Energy Centre, believed to be the UK’s most advanced aerospace battery facility.
Jon Robinson, development director at West Midlands-based Barberry, said: “In Barberry 14 we have delivered a state-of-the-art unit with excellent environment-friendly credentials at the South West’s premier distribution location. We are excited to announce we have not only secured a first class occupier on a 10-year lease but have also sold the unit to private clients of Fisher German, representing excellent business by the Barberry team.”
He added: “The completion of the speculative development of both Barberry 14 and Barberry 44 demonstrates our continued investment in the South West region. This latest development has secured significant job opportunities while also helping to address the shortage of new high quality manufacturing, industrial and warehouse accommodation.”
Andrew Price, of AP Investments, acted on behalf of Barberry. He said: “Even in more uncertain times the sale generated significant interest from an array of investors. The underlying location, quality of product and the lengthy and secure income stream proved attractive. Competitive bids were received and I am pleased we have been able to conclude the sale with our chosen party.”