Barkby Group PLC Practical completion of first Roadside asset (0898B)
May 31 2023 - 2:00AM
UK Regulatory
TIDMBARK
RNS Number : 0898B
Barkby Group PLC
31 May 2023
Barkby Group PLC
("Barkby", or the "Company")
Practical completion of first Roadside asset
Barkby (AIM: BARK) is pleased to announce that its Roadside
development in Wellingborough (the "Asset") has achieved practical
completion and is now fully let.
Commenting on the development, Executive Chairman, Charles
Dickson, said:
"Wellingborough's practical completion is an important milestone
for the Company. It is our first development to have completed in
line with our Roadside Real Estate and EV strategy, through which
we will build a portfolio of high-quality income generating assets
sustainably providing essential services to their local communities
and the wider general public.
"Declining town centres and prohibitive transport policies are
hollowing-out urban centres across the UK. Roadside Retail
developments like Wellingborough enable consumers to easily
purchase a range of essential goods and services with free
convenient car parking."
"Occupiers face comparatively lower rental costs compared to
town centres and we are seeing strong demand for these sites,
particularly from Drive Thru, Foodvenience, Trade Counter and Local
Logistics tenants."
The Company's Wellingborough development is located on
Dennington Road and has excellent links to local communities in
Northampton and Kettering, main arterial A-roads and the M1. The
site was purchased in January 2021 for GBP540,000 subject to
planning and was 90% pre-let prior to construction works commencing
to reposition the site in line with the Company's investment
criteria.
The Asset's total rentable space of 14,100 sq.ft. is occupied by
Greggs (as a Drive Thru), Formula One Autocentres, City Plumbing
Supplies and a branch of Brewers Decorator Centre, producing a
total rental income of GBP237,000 per annum. These tenants meet our
demanding occupier criteria by virtue of their strong structural
underpinnings, brands and covenants. The Asset benefits from a
WAULT of over 12 years, with index-linked rental agreements.
Following completion, the Asset has an EPC rating of A and its
sustainability credentials will shortly be further enhanced by the
completion of four Ultra-fast EV charging bays, creating a new
income stream for the Asset and delivering new customer footfall
for tenants.
The Company will now hold the Asset as an investment as it looks
to build a scaled portfolio of prime Roadside Real Estate. We
expect our Roadside scheme at Maldon to complete within the next
six weeks and will update shareholders in due course.
- Ends -
Enquiries:
Barkby Group PLC
Charles Dickson, Executive Chairman
c/o Montfort
finnCap Ltd (Nomad and Broker)
Carl Holmes/Simon Hicks (Corporate Finance) +44 (0)20 7220
Tim Redfern (ECM) 0500
Montfort
Olly Scott +44 (0)78 1234
Georgia Colkin 5205
Notes to editors
Barkby Group PLC is focused on commercial property development
and investment, alongside its pubs business. Barkby is in the
process of disposing of its Investments comprising of Workshop
Coffee and Cambridge Sleep Sciences.
LEI: 213800X57YXZVILB9E84
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END
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