The JV between Barnfield Construction and Real Estate Development Partnerships has sold the commercial element of its scheme in Horwich to Buzz Communications LTD for £1.665m reflecting a 6.62% NIY.
The 7000 sq ft site, situated on the site of the former Greenwood Arms public house on Chorley New Road, is a purpose built retail and residential development. At ground floor are four well configured retail units let to Co-op, Barnardos, Subway and Greenhalgh’s Craft Bakers by way of brand new, 10-15 year FRI leases. In addition to the retail element the scheme also includes 2×2 bed and 1×1 bed residential apartments on the upper floor as well as a 20 space car park.
The sale represents a major milestone for the JV partnership and Tim Webber, Managing Director of Barnfield, had this to say: “The speed of the investment sale so soon after completion is tantamount to the fantastic location in which the whole development is based. With all tenants now trading the new building presents extremely well, creating an attractive entrance to the next phase”.
In addition to the Commercial block, work is well under way on phase two which will see the former Bowling Green redeveloped to provide 13 traditional 3 & 4 bedroom homes. Miller Metcalfe are the selling agents for the scheme with launch scheduled for June.
Simon Gallanders, Development Surveyor at Real Estate Development Partnerships, added: “We’re delighted to have completed the sale of the commercial element and we are now looking forward to the launch of the residential phase. The timing is perfect as there is currently a shortage of quality new build homes in the locality available for purchase. The price point will also be attractive to first time buyers”.
Metis Real Estate Advisors represented Barnfield Real Estate Partnership on the sale with Ward Hadaway on the legals. Regional Property Solutions acted for Buzz Communications.