7th Nov 2023 11:58
(Alliance News) - Barkby Group PLC on Tuesday said it has completed and fully let its Roadside development in Maldon, Essex.
The Abingdon, England-based investor in roadside property and in consumer and life sciences companies said the site, situated next to Wycke Hill business park near Maldon, was acquired in October 2021 for GBP2.2 million. It noted that 1,500 new houses are currently being built in Maldon, near the site.
The company said the site has 14,200 square feet of rentable space, which will be occupied by multiple businesses including Costa Coffee and Formula One Autocentres, and turnover GBP280,000 in total rental income per year.
It said the tenants meet its "demanding occupier criteria" due to their "strong structural underpinnings, brands and covenants".
The firm said it is now focusing on the completion of two other developments in Swindon and Spalding.
Chair Charles Dickinson 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 GBP250 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."
Barkby shares rose 8.3% to 6.50 pence each on Tuesday morning in London.
By Harvey Dorset, Alliance News reporter
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