A joint venture established to develop a portfolio of UK roadside property assets has acquired a site in Stoke for £5.28m.

The acquisition is the first for the joint venture between Barkby Group and Meadow Partners.

Meadow acquired the asset in September 2023 and is selling it to the JV at cost. The acquisition will be funded in line with the principal terms of the JV’s equity commitments, whereby Meadow will own and fund 97 per cent of the JV while Barkby will own and fund 3 per cent.

The site comprises 15,489 sq ft across four units on an average rent of £18.87 psf, representing a net initial yield of 7.95 per cent. The units are leased to Costa Drive Thru, TGI Friday’s, Nando’s and Wagamama.

The site includes 239 car parking spaces within which there is scope to install a minimum of 12 ultra-fast EV chargers.

Charles Dickson, executive chairman at Barkby Group, said: “We are pleased to have completed the JV’s first acquisition. The Stoke asset has scope for several accretive investment opportunities, not least the installation of much-needed EV charging infrastructure.

“This acquisition follows practical completions at Barkby’s wholly owned assets in Wellingborough and Maldon, which are both fully let and together generate over £500,000 of annualised rental income.”

The JV has a prospective roadside real estate investment pipeline in excess of £150m and is in ongoing negotiation on a number of further site acquisitions.