Property investment and development company, Barwood Capital, has sold a 57,000 sq ft London warehouse for £6.35m to one of Ireland’s leading pensions providers.
Irish Life acquisition: The Highams Park warehouse sold by Barwood Capital for £6.35m.
Managed since 2014 by the developer’s growth fund — Barwood Commercial Property Limited Partnership — the warehouse at Hickman Avenue, Highams Park, has been added to Irish Life’s £39bn investment portfolio.
Barwood Capital purchased the vacant warehouse last spring and immediately let it to Proportion London, the UK’s leading supplier of display mannequins and bust forms, on a £346,000 per annum 15-year lease.
Renowned for its innovative design and high quality manufacture papier-mâché and fibreglass mannequins, Proportion London sells its presentation and merchandising products worldwide. Prior to the sale of its manufacturing base the property underwent an extensive refurbishment.
“Within one year we are delighted to have delivered such a rapid profit for our investors from the sale of Highams Park,” commented Barwood Capital director, Edward Henson.
“Barwood Capital continues to seek well located assets with lot sizes between £3m and £25m, taking advantage of the current positive arbitrage between primary and secondary assets.
“As demonstrated with Highams Park our intention is to improve and reposition such assets through investment and expertise,” he added.
Launched in 2012, Barwood’s growth fund is fully invested in eight sites, ranging from planning gain opportunities to income producing sites with refurbishment and asset management potential. Earlier this year it closed a second fund which has the ability to secure more than £100m of commercial and residential property assets.
Michael White is property investment director at Canada Life which, alongside Cushman & Wakefield, acted for Irish Life. “We are pleased to have completed this acquisition on behalf of the Irish Life UK Property Fund,” he said.
“The asset offers long term income within the Greater London industrial market segment and where we believe the prospects for future rental growth are good.”
BNP Paribas acted for Barwood Capital.
