Lancashire-based developer Barnfield has sold EAST, the 223,000 sq ft logistics scheme in Preston. Developed in partnership with Henry Boot PLC it has been sold to Titan Investors in a circa £30m transaction, the sale price represents a 10% premium to the last reported book value.
Located outside Preston on the M6 distribution corridor the 18-acre site includes three fully let buildings alongside a final development plot with consent for a 30,000 sq ft warehouse that will be delivered directly by Titan.
Pre-let deals at EAST have been signed with DHL and DPD, taking 63,000 sq ft and 59,000 sq ft respectively. The first phase of the scheme was delivered in December 2021.
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.”
Tim Roberts, Chief Executive of Henry Boot said:
“EAST is yet another hugely successful industrial and logistics scheme delivered by the Group – it has drawn strong interest from potential occupiers since development began on site, demonstrating the continued demand for high-quality Grade A industrial and logistics space in key locations. Having secured deals with both DPD and DHL, and on the back of a very successful first phase, EAST represented an excellent investment prospect for Titan Investors.”