Clearbell sells Berkshire warehouse site

Clearbell Capital’s Property Partners III LP fund has sold its 116,000 sq ft warehouse site at Thatcham Park, Berkshire, to NFU Mutual Insurance Society for nearly £25m. The Thatcham Park site comprises seven units ranging from 6,665 sq ft to 30,101 sq ft. The development completed in March. The buildings are EPC A-rated and BREEAM Excellent, with electric vehicle charging points and each unit has its own PV panels. The site’s two tenants are convenience chain My Local, which occupies 12,500 sq ft, and car storage facility V Management, which has taken 6,500 sq ft. Both leasing deals were agreed last month. Thatcham Park was previously bought in June 2019 as part of Clearbell’s Richard portfolio, which aims to develop warehouses in the supply-constrained South East market. Jon Brice, fund manager at NFU Mutual, said: “This acquisition forms part of NFUM’s continuing strategy to acquire modern sustainable industrial accommodation with strong fundamentals and to capitalise on the strength of the industrial market.” Dominic Moore, head of asset management and ESG director at Clearbell Capital, said: “Grade-A warehouses in logistics hotspots, particularly in the South East of England, remain highly sought after by institutional investors. “These investors are also prioritising excellent environmental credentials with any new investment, meaning high-quality developments such as Thatcham Park are quickly snapped up.” Northampton-based Barwood Capital acted as development manager to deliver the scheme. NFU Mutual was represented by Savills. Avison Young and Deal Varney are the letting agents on the scheme.   To send feedback, e-mail pui-guan.man@eg.co.uk or tweet @PuiGuanM or @EGPropertyNews On-demand Rankings reveal which agents are transacting industrial space across the regions >>