Fri, 22 Mar 2024 | COMMERCIAL PROPERTY
A joint venture formed last year to acquire and develop a portfolio of UK roadside real estate assets has completed its third acquisition. The JV, formed by Roadside Real Estate (previously Barkby) and Meadow Partners LLP, has acquired an 8.25-acre site in Coventry fronting onto the A444 in a deal valued at £3.26 million.
The site is home to a 72,091 sq ft Sainsbury’s supermarket, featuring a 407-space customer car park and vehicle filling station. Surrounding occupiers at the site include Selco and The Range.
Roadside Real Estate states that the site has potential for redevelopment as a new roadside scheme featuring an EV charging hub and says that the rear of the property has the potential for retail or other uses, including last mile logistics.
The site has been acquired with vacant possession, enabling the JV to review its configuration with a view to redeveloping it in order to host a range of complementary tenants. Several brands focusing on drive-thru and convenience food offerings have reportedly already made expressions of interest in the site.
Charles Dickson, executive chairman, said: "This is an exciting third acquisition for the JV with significant scope for EV charging infrastructure in line with our strategy, redevelopment potential and a variety of asset management opportunities.”
"Our Coventry site is a perfect example of the kind of assets we are seeking to unify, institutionalise and develop into high-amenity facilities that benefit their surrounding communities."
The JV is aiming to build a portfolio of roadside assets worth in excess of £250 million, utilising acquisitions, asset management and development. It will focus on sites that provide a mix of local logistics, convenience food, trade counter businesses and opportunities to develop EV facilities. It reportedly has a prospective pipeline of roadside real estate investment exceeding £150 million.
Read more about the Roadside Real Estate JV
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