Former Astral director Richard Saint has returned to the industrial market, competing against his former company for a Hertfordshire site.
Saint quit the shed developer last year, leaving fellow director Steve Ferris in charge. He was expected to take a break from property to pursue other interests, and enrolled at Warwick University to study psychology.
But his new company Bericote has this week been shortlisted to buy Gazeley’s and Morley Fund Management’s 9.5-acre Garden Shed in Welwyn Garden City.
He is bidding against Astral and two other shortlisted parties.
Saint said: “After 10 years of building sheds I felt ready to retire. But it turned out all I needed was a good break.
“I set up Bericote a few months ago to look at investments in existing buildings and income streams. But since then I have been looking at mixed-use sites.”
He played down the competition with Astral, now 76% owned by Parkridge chief John Cutts. “Astral leads in the big shed market, and I don’t really see us as doing the same thing,” he said.
Wal-Mart subsidiary Gazeley decided to sell Garden Shed, near the Mundells roundabout in the heart of the town, after failing to secure a prelet.
The site, which can accommodate a 200,000 sq ft shed, is worth around £10m.
CB Richard Ellis is acting for Gazeley and Morley.
References: EGi News 23/10/06
