13 November 2017
Barwood Capital, the Northampton-based real estate development and investment business, has acquired three residential development sites in conjunction with housebuilder partners totalling 62 new homes with an estimated market value of £23m to be built over the next 12 months for its 2015 Property Fund.
The acquisitions mark an expansion in its residential development business in partnership with established developers. This will take the residential development arm to 145 units under construction at present with a market value of £60m.
Its latest venture is the former Matthew Clark site in Ampthill Road, Shefford which was acquired with Resolution Property Group Ltd of Moulsoe near Milton Keynes. The site will see the existing distribution buildings demolished and 26 new houses built and sold including seven affordable homes.
With Kidbrook Homes Limited, Barwood Capital has acquired The Lamb Inn, Hackwood Road, Basingstoke. The redundant public house on the site will be demolished to provide 10 new homes.
The Barwood and Kidbrook partnership is also acquiring a site near Guildford, Surrey which will see 26 new homes being built. Barwood Capital and Kidbrook Homes are already developing residential sites in Reigate and Woking.
Steve Chambers, the Barwood Capital director responsible for relationships with residential developers said: “Since 2016 we have acquired well-located residential development sites with our carefully selected development partners. This has been a strategic move to complement our office, logistics and industrial development portfolios. Our three recent acquisitions with Resolution Property Group and Kidbrook, and with more in the pipeline, will provide quality new homes in great locations outside London that have high demand and require our regional property market knowledge. We look forward to selectively adding to our residential development partner network with a view to creating long term sustainable relationships with a wide geographical spread.”
William Togher, managing director of Kidbrook Homes said: “We have acquired three key residential sites in sought after locations with Barwood and have found their approach helpful and consistent throughout. The combination of investment and regional development expertise produces mutual success. The partnership between Kidbrook and Barwood is forecast to go from strength to strength.”
Eddie Lawley, director at Resolution Property Group (“RPG”), said: “We are delighted to have secured the support of Barwood on this project and look forward to working with Steve and his colleagues over the next 12 months or so as this development progresses. We see the relationship as an important step in the evolution of RPG and consider the partnership arrangements we now have with Barwood to offer good foundations from which to grow our business.”