31st May 2023 10:43
(Alliance News) - Barkby Group PLC on Wednesday celebrated the completion of its first roadside asset, emphasising the importance of roadside retail development against "hollowed" urban centres.
The commercial property development and investment firm said that the development, Wellingborough, has reached practical completion and been fully let. Wellingborough is on Dennington Road, and has links to local communities in both Northampton and Kettering in England.
The site was initially purchased in January 2021 for GBP540,000, and was 90% pre-let prior to construction works by Barkby. It has total rentable space of 14,100 square foot, and is currently occupied by Greggs PLC, Formula One Autocentres, City Plumbing Supplies and a branch of Brewers Decorator Centre, producing a total rental income of GBP237,000 per annum.
Wellingborough is the first development Barkby has completed in line with its roadside real estate and electric vehicle strategy. The firm is in the process of disposing its investments in Cambridge Sleep Sciences, and intends to build a portfolio of assets focused on providing essential services to local communities.
"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," said Executive Chair Charles Dickson.
"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."
Looking ahead, Barkby expects its roadside scheme at Maldon to complete in the next six weeks.
Barkby Group shares were up 1.5% at 3.45 pence each in London on Wednesday morning.
By Holly Beveridge, Alliance News reporter
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