Barberry reveals £295m industrial development pipeline
Commercial property investor and developer Barberry Group, based in Belbroughton, has smashed through the milestone figure of two million sq ft of industrial and warehouse developments in the pipeline.
The company revealed the milestone today at MIPIM in Cannes.
The gross development value of the 2.4m sq ft of schemes the company is bringing forward is more than £295 million, according to development director Jon Robinson.
Barberry is also delivering student accommodation and residential schemes worth in excess of £200m and has 528 acres of strategic development land, with a development land value of £262m, across 11 sites under its control.
The latest of Barberry’s many developments – a proposed £10 million speculative development of a 72,000 sq ft warehouse unit at the site of a former DIY store in Northamptonshire - has taken a step forward.
Barberry has submitted a planning application to Daventry District Council for the prominent 3.5-acre site at Sopwith Way, Daventry. The application is due to be determined next month.
Barberry’s speculatively developed 65,000 sq ft industrial unit at Birmingham’s Advanced Manufacturing Hub was recently acquired by one of the UK’s leading institutional investors, M&G Real Estate. Barberry 65, a prime distribution unit, has been let to Mayflex UK on a 10-year lease.
Speaking at MIPIM, – the world’s biggest property development and investment show in Cannes – Barberry group director Henry Bellfield said: “Delivery of the significant development and land pipeline under Barberry Group control and ownership is driving our business forward, with a focus on the key growth sectors of beds and sheds.
“We are planning to continue to invest in all areas of our business, from people to our property investment portfolio, and our existing development pipeline, plus we remain selectively acquisitive for further properties and sites.”
Mr Robinson said: “Birmingham and the West Midlands are not alone in being in dire need of more high quality industrial accommodation and so we are researching opportunities across the UK.
“Barberry has developments coming forward in Daventry, Durham, Wolverhampton, Bristol, Luton, Coventry and Cannock. We currently have an industrial/logistics pipeline of more than 2.4 million sq ft on sites either consented or in planning.
“We have worked hard and invested heavily to create a Barberry brand in the industrial/logistics market providing high quality buildings to an institutional specification and it is hugely satisfying to know that investors recognise the quality of our developments, as the sale of Barberry 65 to M&G Real Estate, widely recognised as one of the UK’s leading institutional investors, clearly demonstrates.”
At the time of the sale, Barberry successfully hit key benchmarks in the ‘Mid-Box’ industrial/logistics market in Birmingham with the city’s highest sale price per sq ft at Barberry 46 and the highest rent per sq ft at Barberry 65.
Mr Robinson added: “The AMH development complements several other schemes that Barberry is delivering. Our investment is generating strong demand from both regional, national and global manufacturing, light industrial and research and development businesses – ultimately generating jobs, economic growth and regeneration for the region.”
Barberry is at MIPIM as part of the Coventry and Warwickshire MIPIM Partnership which is made up of around 20 private sector companies and organisations who promote the area’s presence at the four-day event, and is a commercial partner of the Midlands UK delegation.
The group was established in 1983 and is active in all sectors of the property market and has a reputation for creating investments for institutional markets.