Developer seeks funding partner for £40m manufacturing and design facility
A West Midlands-based developer of a £40m manufacturing and design facility in Tewkesbury is looking for more than £35m forward funding.
Barberry Industrial has agreed a pre-let deal with Moog for the 184,000sq ft centre of excellence for the company’s aircraft controls operation.
The scheme will be located at junction 9 of the M5 motorway and Moog has signed an agreement for a new RPI-linked 35-year lease without break.
Cushman & Wakefield is acting on behalf of Barberry Industrial to appoint a funding partner and are seeking offers in excess of £35.61m.
The industrial facility will comprise 184,034 sq ft initially with expansion land available to allow a future extension of warehouse space to take the building up to 207,000 sq ft.
Moog’s Tewkesbury Aircraft Controls Segment operation is the global centre of excellence for the design of servo valves and has a large engineering division housed within its facility. The new facility will help foster further growth in Moog’s Engine and Flight Control products for new and existing military and commercial aerospace programmes. Moog has been located in Tewkesbury for almost 40 years and is one of the largest employers in the area.
Jon Robinson, development director and shareholder of Barberry Industrial, said: “The UK Logistics and Industrial market has remained resilient to the challenges of 2020. The pre-let to Moog Controls is one of a number of occupiers we have transacted with during 2020 across our UK wide industrial/warehouse pipeline of circa 3.3m sq ft. We are delighted to be presenting this long income opportunity to the market working closely with Cushman & Wakefield to secure a forward funding partner for this high specification, state-of-the-art industrial building, designed to be carbon neutral and built to a BREEAM Excellent standard and let to the undoubted covenant of Moog on an RPI linked 35-year lease.”
Ned Jones, partner in Cushman & Wakefield’s Capital Markets team, added: “This is a rare opportunity to acquire the freehold interest in a state-of-the-art headquarters. The building has excellent design and sustainability credentials which will provide a high-quality industrial facility. There are very few opportunities of this calibre in the market and with the RPI linked long lease to a strong covenant we fully expect it will be of interest to a broad range of investors.”
Work on site is due to start in January 2021 following the appointment of a contractor.
