10 December 2015
Barwood Capital, a leading UK real estate investment and development business, has partnered with Goya Developments (“Goya”), a London and Rutland based warehouse development company, to complete two acquisitions in Cambridge and Gatwick for its 2015 Property Fund.
Barwood and Goya have purchased an 8 acre site at Buckingway Business Park, opposite Cambridge Services at Junction 28 of A14 from Dunedin Property Limited for £2.55 million. The site has planning consent for industrial and warehouse use. Barwood and Goya intend to speculatively develop 140,000 sq ft of industrial warehousing in four units. This already successful business park will soon benefit from the A14 dual carriageway improvements, increasing to three lanes in both directions, adjacent to Buckingway.
Barwood and Goya’s second purchase is a 2.2 acre site at Rutherford Way in the Manor Royal Industrial Estate, just south of Gatwick Airport’s main terminal. The intention is to gain planning permission for and speculatively construct a new 55,000 sq ft industrial warehouse called ‘Gatwick 55’.
Ed Henson, director, Barwood Capital said: “The 2015 Fund’s aim is to target sites and buildings that require investment and expertise to reposition them within specific markets where supply and demand are fuelling genuine rental growth. Goya Developments have become one of the most active developers of speculative warehouse space in the UK. Our partnership will enable the delivery of exceptional warehouses to help meet both Cambridge and Gatwick’s pent up demand for newly built industrial stock. We continue to seek further stock and development opportunities which can deliver these opportunities.”
Jim Bryan, Goya Developments said: “Partnering with Barwood Capital allows Goya to continue to deliver the highest specification warehousing in core locations which have a pronounced supply demand imbalance.”
Barwood’s 2015 growth fund closed in July 2015 with the ability to secure more than £100m of commercial and residential property assets. Barwood Capital continues to seek well located assets with lot sizes between £3 million and £15 million that have the potential for value to be added through active asset management, planning and development. The news follows Barwood Capital’s recent announcement of its acquisition of Woodlands Business Park in Milton Keynes in an off market deal for £7.6 million.
For Buckingway, Cambridge, Bidwells acted on behalf of Barwood Capital/Goya Developments, and will join Cheffins as letting advisors for the scheme.
For Gatwick 55, Colliers acted on behalf of Barwood Capital/Goya Developments and has been retained as letting agent alongside Lambert Smith Hampton and Stiles Harold Williams.