Clearbell Property Partners III LP (Clearbell), a fund managed by Clearbell Capital LLP, announces the acquisition of Gables Way, Thatcham, for £9.4 million, working in partnership with Barwood Capital who will act as the development manager.

Gables Way is made up of a 5-acre development site and a further 7 acres, with a 120,000 sq ft HQ warehouse. The warehouse is currently home to high performance automotive engineering firm Xtrac.

This acquisition takes advantage of the shortage of small unit industrial estates in the South East. Plans for this investment include developing the site to create additional warehouse space, working in partnership with Barwood Capital.

The site is well-located off two junctions of the M4 and in close proximity to the A34 & A4. Thatcham train station, with connections to Reading and London, is also nearby.

Dominic Moore, Head of Asset Management at Clearbell Capital, said: “There is clearly a supply/demand imbalance for new build high-quality industrial space in the South East. The low supply in the area offers the opportunity to create new units, providing tenants with much sought-after space that is the right size for their needs.”

“We are looking forward to working with Barwood Capital to make productive use of the land at the site in Thatcham.”

Clearbell was advised by Avison Young and Barwood Capital.

This acquisition comes one year on from Clearbell Capital’s latest fundraise. The fund manager raised £310m for Clearbell, its third value-add fund in June 2018.