7 Nov 2023 07:00
Barkby Group PLC
("Barkby", or the "Company")
Practical completion of second Roadside asset
Barkby (AIM: BARK) is pleased to announce that its Roadside development in Maldon (the "Asset") has achieved practical completion and is fully let.
Commenting on the development, Executive Chairman, Charles Dickson, said:
"Reaching practical completion of our second development, located in Maldon, is another important step in the implementation of our Roadside Real Estate and EV strategy.
Having recently announced the joint venture with Meadow Partners LLP, which intends to create a modern roadside portfolio worth over £250 million, we now have the capital and scale to drive forward our strategy at pace.
We remain focused on building our portfolio by identifying and acquiring high-quality sites where we can meet the requirements and demands of both local communities and businesses by offering a mix of Drive Thru, Foodvenience, Local Logistics and Trade Counter Businesses, alongside EV charging facilities."
About the Asset
The Company's Maldon development is situated just off the A414 Wycke Hill in a prime location next to Wycke Hill business park and near the town of Maldon, where 1,500 new dwellings are currently under development. It was purchased in October 2021 for £2.2m.
The Asset's total rentable space of 14,200 sq ft will be occupied by a Costa Coffee (as a Drive Thru), Formula One Autocentres, Toolstation, City Electrical Factors and Be-EV producing a total rental income of £280,000 per annum, 78% of which is index-linked with caps and collars. These tenants meet the Company's demanding occupier criteria by virtue of their strong structural underpinnings, brands and covenants.
Following completion, the Asset has an EPC rating of 'A', and the site has been further enhanced with the addition and completion of four Ultra-fast EV charging bays.
The Company is now focused on two further development assets in Swindon and Spalding and looks forward to updating shareholders in due course.
- Ends -
Enquiries:
Barkby Group Charles Dickson, Executive Chairman c/o Montfort Communications
| |
Cavendish Capital Markets Limited (Nomad and Broker) Carl Holmes / Simon Hicks / Fergus Sullivan (Corporate Finance) Tim Redfern (ECM)
| +44 (0) 20 7220 0500 |
Stifel Nicolaus Europe Limited (Financial Adviser and Joint Corporate Broker) Mark Young Jonathan Wilkes-Green Catriona Neville
| +44 (0)20 7710 7600 |
Montfort Olly Scott Georgia Colkin
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+44 (0)78 1234 5205 +44 (0)75 4284 6844 |
About Barkby
Barkby is a roadside real estate business focused on building and scaling a high-quality portfolio of modern, ESG-compliant assets.