Barkby and Meadow Partners’ roadside joint venture has completed its first acquisition, a £5.28m asset in Stoke.
The JV partners, who are looking to acquire and develop a portfolio of UK-based roadside real estate assets, bought the asset from Meadow, which acquired it in September this year and sold the 15,489 sq ft asset to the JV at cost.
The asset comprises four units let to Costa drive thru, TGI Friday’s, Nando’s and Wagamama. The units provide circa £408,000 of net operating income per annum and have a WAULT of 11.6 years and 9.4 years including lease breaks.
Charles Dickson, executive chairman of Barkby, said: “We are pleased to have completed the JV’s first acquisition. The Stoke asset has scope for several accretive investment opportunities, not least the installation of much-needed EV charging infrastructure. This acquisition follows practical completions at Barkby’s wholly-owned assets in Wellingborough and Maldon, which are both fully let and together generate over £500,000 of annualised rental income.”
The JV has a prospective roadside real estate investment pipeline in excess of £150m and is in ongoing negotiations on a number of further site acquisitions.
