20th November 2023

BCCIM Acquires Cheltenham Industrial Park

BCCIM (a joint venture between Barwood Capital and Caisson iO) has completed the off-market acquisition of Units 1-4 Bamfurlong Industrial Park, Cheltenham for £5.15m, on behalf of the Urban Industrial Income LP (‘UII’).  The seller was Dunmoore Properties Limited, the property investor and developer.

Units 1-4 Bamfurlong Industrial Park is a fully let multi-let industrial estate, located approximately 3.5 miles west of Cheltenham and in close proximity to Junction 11 of the M5, providing excellent accessibility to the main nearby conurbations and to the wider motorway network.  The estate is 6 miles from the planned 47 hectare Golden Valley Development.

The asset is let to four occupiers, comprising five industrial units, totalling 39,487 sq ft.  Part of the estate has been refurbished and numerous upcoming lease events provide ample opportunity for BCCIM to capture the potential reversion and review the sustainability credentials, which remains at the forefront of BCCIM’s objectives.

UII was launched in May 2021 to invest in multi-let and urban industrial assets in regional locations across the UK.  This latest purchase marks the sixth acquisition for the UII fund and takes its AUM to c.£45m across c.0.54 million sq ft of space.

“This latest acquisition comes as we seek to raise further funds and BCCIM is in detailed discussions with a number of potential investors.  Our expertise in the industrial market means we’re ready to seize opportunities like these which are aligned to the Fund’s investment strategy as we continue to grow the portfolio.” said Jonathon Ellerington, Senior Investment Manager at Barwood Capital.

James Burgess, Director, Investment Management at Caisson iO commented: “We are delighted to secure this off-market acquisition. Cheltenham is an excellent location with a strong labour supply and access to the M5.  Current redevelopment on the wider estate will further improve the area and profile of occupiers.  Despite economic headwinds, we remain committed to the sector due to the dearth of supply, demand for good quality space and strong rent collection rates.”

Previous purchases by UII include Rushock Trading Estate, Droitwich; Graylaw Trading Estate, Aintree; Waleswood Industrial Estate, Sheffield; the M54 Space Centre in Telford and Unit 25, Whistleberry Park Blantyre, Glasgow.