AIM-listed Barkby, with joint venture partner Meadow Partners, has completed its first acquisition as it seeks to build a roadside real estate portfolio.
The jv has acquired an asset in Stoke for a total cost of £5.3m – a 7.95% yield.
Meadow bought the 15,489 sq ft property in September and is selling it to the jv at cost.
The property is let to Costa Drive Thru, TGI Friday’s, Nando’s and Wagamama on an average rent of £18.87 per sq ft.
In total, the asset provides around £408,000 of income per year and has a WAULT of 11.6 years and 9.4 years, including breaks.
The site also includes 239 car parking spaces, where the jv hopes to install a minimum of 12 ultra-fast EV chargers. The charging bays each have the potential to generate £4,000 annual income on a 20-year lease with annual RPI uplifts
Barkby executive chairman Charles Dickson said: “The Stoke asset has scope for several accretive investment opportunities, not least the installation of much-needed EV charging infrastructure.”
Dickson said the jv had a prospective roadside real estate investment pipeline in excess of £150m and was confident it would attract high-quality nationwide tenants, underpinning reliable, long-term income streams.
He added that the pair were in ongoing negotiation on a number of further sites.
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