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Building giant sells its Burnley HQ in £9m deal
11:00pm Tuesday 4th February 2014 in News
EAST Lancashire construction giant Barnfield has sold its industrial warehouse in Burnley for £9.1 million.
The Nelson based firm has disposed of the 250,000 sq ft headquarters and distribution centre on Orient Business Park to La Salle Investment Management.
Barnfield originally built the 145,000 sq ft industrial estate in the 1990s on land it owned.
Barnfield re-purchased the land along with the former Vita Achter building around four years ago and this was added to their investment portfolio.
After agreeing a lease to The Original Factory Shop, soon after the purchase of the assets, Barnfield added a 105,000 sq ft extension to the headquarters to aid their rapid expansion plans.
The Original Factory Shop has agreed to lease the building until 2026 and the annual rent figure is £906,954.
Tim Webber, managing director of Barnfield, said: “The sale of this healthy asset means we can focus on developing other sites in the North West.
“We are currently looking at a variety of schemes in the North West both alone and with joint venture partners.”
Gareth Hutchinson, of The Original Factory Shop said: “Barnfield has been very easy to work with as landlords and their assistance was invaluable when completing the extension.
La Salle Investment Management have more than £28.8 billion worth of assets under management.
Other neighbouring companies in the area include Warburtons, Velocity Composites Limited, AMS Neve Limited and VEKA Plc.
The sale was handled by James Horsley of Yorkshire Property and Mark Bruce Lockhart of Phillips Lockhart.
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