Roadside Real Estate joint venture buys third property

22nd Mar 2024 14:34

(Sharecast News) - Roadside Real Estate announced Friday that it has completed its third acquisition under its joint venture with Meadow Partners, focussed on UK-based roadside real estate assets.

The AIM-traded firm, formerly known as the Barkby Group, said the acquisition, valued at £3.26m and situated in Coventry, spans 8.25 acres and includes a purpose-built former Sainsbury's supermarket covering 72,091 square feet.

It also features a petrol station and a 407-space customer car park.

Roadside said its location along the A444, with prominent neighbouring occupiers such as The Range and Selco, enhanced its appeal for potential redevelopment.

One of the highlights of the acquisition was the potential for redevelopment into a modern roadside scheme, with plans for an electric vehicle (EV) charging hub and versatile options for retail or other uses, including 'last mile' logistics.

With the property purchased with vacant possession, the joint venture now had the flexibility to review and optimise the site's configuration to cater to a diverse range of tenants.

The board said the venture had already garnered expressions of interest from several brands specialising in drive-through and 'foodvenience' offerings.

Roadside said the joint venture also plans to work with EV charging partners to design an optimal charging hub setup for the site.

Looking ahead, the partnership said it was open to exploring further development opportunities in due course.

"This is an exciting third acquisition for the joint venture with significant scope for electric vehicle charging infrastructure in line with our strategy, redevelopment potential and a variety of asset management opportunities," said executive chairman Charles Dickson.

"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."

At 1407 GMT, shares in Roadside Real Estate were down 7.25% at 8p.

Reporting by Josh White for Sharecast.com.