They are planning to demolish two office buildings occupying the site and develop a 38,136 sq ft industrial unit. 

Meanwhile, Growth Fund V will remain open with further closes will follow over the next year.

Barwood Capital managing director Hugh Elrington said: “With Growth Fund V, we continue to follow the same investment strategy as in previous growth funds in the series: to invest in underperforming, undermanaged or obsolete real estate throughout the UK regional markets, which have the potential to deliver strong and sustainable growth through planning, development and proactive asset management.”

“Despite the current economic climate, we continue to see evidence of strong investor appetite for the risk profile of our growth funds. It’s an indicator of confidence in our investment strategy, and Growth Fund V has become an increasingly attractive proposition for investors as we see more opportunities for repriced assets.”