HBD and Barnfield have sold EAST, a 223,000 sq. ft. logistics scheme in Preston, to Titan Investors in a circa £30m transaction.
Titan has acquired three fully let buildings and the final development plot, with an overall scheme WAULT in the region of 16 years.
The deal follows recent pre-lets with DHL and DPD at the sought-after scheme, taking 63,000 sq. ft. and 59,000 sq. ft. respectively, with the developer now on site with both units. The first phase, built speculatively, completed in December 2021 and was fully let within three months of PC, securing deals with three tenants across 70,000 sq. ft. The final 30,000 sq. ft. building will be developed directly by Titan.
EAST is a joint venture between HBD and Barnfield Group. Just yards from Junction 31A of the M6, it is one of Lancashire’s best-located industrial schemes.
Dan Lawrenson, Senior Development Manager at HBD, said: “EAST is extremely well-located, which has driven strong interest from occupiers looking for prime logistics space. The scheme offered an excellent investment opportunity for Titan on the back of the DPD and DHL deals, with the deal completing on the last working day of 2022.
“This has been another very successful project with our JV partner, Barnfield, and demonstrates the continued demand for well-located Grade A industrial and logistics space.”
Tracy Clavell-Bate, Head of Development and Acquisitions at Barnfield Group, said: “We knew when the 18-acre site came to the market that it would be in great demand. It has been a very rewarding project to work on from concept master planning, construction, lettings and completing the sale and all within 3 years.”
HBD is one of the UK’s most active property developers, with seven offices across the country. It focuses on driving ambitious projects within three key sectors; residential, urban regeneration and industrial and logistics.
Barnfield Group is a contractor, developer and investor working with public and private sector partners and clients for over 40 years. Headquartered in Lancashire, the £80 million turnover property group is delivering a diverse range of schemes on more than 30 live sites nationwide.
Barnfield Construction, the construction arm of the wider Barnfield Group, completed the first phase of EAST and will also complete phase two.
Christopher Dee advised HBD and Barnfield Group, while Zaman Roberts acted for Titan Investors. Law firm JMW Solicitors represented the seller, while Reed Smith supported Titan Investors.