HBD and Barnfield sell Preston industrial for £30m
Titan Investors has acquired the 223,000 sq ft EAST logistics scheme off Trefoil Way from the two developers’ joint venture.
HBD and Barnfield Group have worked together to deliver the EAST project, which features five fully let units and a single development plot. The development plot has planning permission for 30,000 sq ft of industrial space and will be delivered by Titan.
Of the five let units, two are pre-lets to DHL and DPD. The companies have taken 63,000 sq ft and 59,000 sq ft, respectively. Main contractor Barnfield Construction, part of Barnfield Group, is on site constructing both of those warehouses.
The other three units sit within one 70,000 sq ft building that was completed by Barnfield Construction in December 2021.
Dan Lawrenson, senior development manager at HBD, credits the site’s location as part of its success. EAST sits yards away from Junction 31A of the M6.
“EAST is extremely well-located, which has driven strong interest from occupiers looking for prime logistics space,” Lawrenson said.
“The scheme offered an excellent investment opportunity for Titan on the back of the DPD and DHL deals, with the deal completing on the last working day of 2022,” he continued.
“This has been another very successful project with our JV partner, Barnfield, and demonstrates the continued demand for well-located Grade A industrial and logistics space.”
Tracy Clavell-Bate, head of development and acquisitions at Barnfield Group, was also not surprised by EAST’s popularity.
“We knew when the 18-acre site came to the market that it would be in great demand,” she said.
“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.”
JMW Solicitors represented HBD and Barnfield in the £30m transaction, while Reed Smith acted for Titan. HBD and Barnfield were advised by Christopher Dee in the deal. Zaman Roberts supported Titan.
EAST was designed by architect Fletcher RAE. Iceni was the planning consultant for the project.