Building giant sells its Burnley HQ in £9m deal

Burnley and Pendle Citizen: The Original Factory Shop on the Orient Business Park The Original Factory Shop on the Orient Business Park

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.

Comments (3)

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10:30am Wed 5 Feb 14

shirtbox2003 says...

another local firm on the way out.why sell an asset that brings in nearly £12 million over 12 years for £9.1 million.i think they need new accountants.
another local firm on the way out.why sell an asset that brings in nearly £12 million over 12 years for £9.1 million.i think they need new accountants. shirtbox2003
  • Score: 1

12:08pm Wed 5 Feb 14

It's a spade! says...

They're not on their way out. They lease out the building and the company that is leasing it is staying until 2026 at least. Barnfield obviously need to raise some capital which can be spent on purchasing development land cheaply off Pendle Council so they will make a further killing when they are granted planning permission for whatever they like, as is the usual case.
They're not on their way out. They lease out the building and the company that is leasing it is staying until 2026 at least. Barnfield obviously need to raise some capital which can be spent on purchasing development land cheaply off Pendle Council so they will make a further killing when they are granted planning permission for whatever they like, as is the usual case. It's a spade!
  • Score: 2

9:57am Thu 6 Feb 14

shirtbox2003 says...

time will tell spade.
time will tell spade. shirtbox2003
  • Score: 0

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