Clearbell sells 116,000 sq ft warehouse for £24.95 million
Clearbell Property Partners III LP (Clearbell), a fund managed by Clearbell Capital LLP, today announces the sale of a 116,000 sq ft warehouse site at Thatcham Park, Berkshire, to NFU Mutual Insurance Society Limited (NFUM) for £24.95m.
Thatcham Park comprises seven newly-developed units, ranging in size from 6,665 sq ft to 30,101 sq ft. The warehouse development, that completed in March 21, has been built to a Grade A specification and in compliance with the highest environmental standards. The buildings are EPC A rated and BREEAM ‘Excellent’, with dedicated parking featuring electric vehicle charging points and each unit with its own PV panels.
Thatcham Park, was acquired in June 2019, forming part of Clearbell’s Richard portfolio, which aims to develop high quality warehouse units in the supply-constrained South East market. Barwood Capital, the Northampton based UK regional real estate investment and development specialist, acted as development manager to deliver the scheme.
The park is situated within a well-established industrial centre in Thatcham, with good access to the M4 and M3. The site is currently home to two tenants which completed lettings in May 2021: V Management (6,500 sq ft) and My Local (12,500 sq ft).
Dominic Moore, Head of Asset Management & ESG Director at Clearbell Capital, said:
“Grade A warehouses in logistics hotspots, particularly in the South East of England, remain highly sought after by institutional investors. These investors are also prioritising excellent environmental credentials with any new investment, meaning high quality developments such as Thatcham Park are quickly snapped up.”
Andrew Barlow, director, Barwood Capital:
“The development at Thatcham Park is a fantastic opportunity for NFUM to purchase a multi-unit scheme of high quality in a popular location with occupiers. We are delighted to have completed this transaction with NFUM and wish them every success in the future.”
Jon Brice, fund manager, NFU Mutual said:
“This acquisition forms part of NFUM’s continuing strategy to acquire modern sustainable industrial accommodation with strong fundamentals and to capitalise on the strength of the industrial market.”
NFU Mutual was represented by Savills.
Avison Young and Deal Varney are the letting agents on the scheme.