CBRE Global Investors upsize B&M in Southampton.

CBRE Global Investors have successfully completed a new letting to B&M in Millbrook, Southampton.

The FTSE 100 retailer who is already located on the scheme will upsize from their existing unit to a unit which extends to c.33,000 sq ft and was formerly occupied by Homebase. As part of the transaction B&M have agreed a new 15 year lease and are to surrender their lease on their former unit.

ESH act on behalf of the Landlord CBRE Global Investors.

ESH secures dual lettings to Bensons.

ESH’s landlord clients at Weston Super Mare and Rayleigh Weir in Essex have completed new lettings to Bensons for Beds on new 5 year lease terms at strong rents, given alternative competition for both locations despite the turbulent climate.  The deals also involved simultaneous surrenders being agreed with the previous company’s administrators. 

ESH acted for CBREGI at Rayleigh and Aberdeen Standard Investments at Weston.

Aberdeen Standard secure two new lettings at Sutton Coldfield.

Aberdeen Standard Investments has successfully secured new lettings at Princess Alice Retail Park to expanding bathroom retailer, Easy Bathrooms, and new restaurant concept, Gourmet 4. Both have taken 10 year leases and expect to fully open when restrictions allow.

ESH and Stockford Anderson acted for the Landlord.

Pension fund buys Cambridge asset from Aberdeen Standard Investments.

Aberdeen Standard Investments, advised by Edgerley Simpson Howe has sold Cambridge Retail Park to RPMI Railpen for approximately £100m.

The 230,000 sq ft park dominates the eastern edge of the city centre and was constructed between 2000 and 2007.

ESH has actively asset managed the scheme since ASI purchased from Deka Immobilien in 2014. More recently this included the completion of a series of lease extensions and new lettings to occupiers such as Lidl and The Gym Group, the existing Homebase store was also right-sized.

CBRE Global Investors secure Topps Tiles in New Malden.

CBRE Global Investors, advised by ESH have completed a new letting to Topps Tiles in place of the former Harveys unit at Shannon Corner Retail Park.

Following the restructuring of the Harveys/ Bensons for Beds business last year the 7,411 sq ft unit became available and was let to Topps Tiles on a new 15 year lease following a best bids process.

Topps Tiles occupy an existing unit nearby in New Malden and will relocate to the new unit following their lease expiry in a few years time. In the interim the tiling retailer has completed a short term sub-letting to Bensons for Beds who will occupy the premises.

ESH advises Mayfair Capital on London foodstore purchase.

Mayfair Capital, represented by Edgerley Simpson Howe has acquired a North London foodstore for £12.7m, reflecting a net initial yield of 3.54%. The asset was sold by a fund managed by CBRE Global Investors.

The purpose-built foodstore is located within the affluent area of Southgate, Enfield and is positioned a short distance from its centre. The property extends to approx. 19,000 sq ft and is let to M&S until 2045, with the benefit of fixed rental uplifts every five years.

Phil Sturdy, Investment Director, commented: “Modern supermarkets play a key role in the evolving pattern of consumption in urban areas. While shoppers have a preference to shop locally, especially for convenience food-based goods, the ability of supermarkets to cater for click-and-collect and home delivery also means they can benefit from the ongoing rise of e-commerce. In addition, competition for land in this growing area of North London supports future long-term capital growth opportunities.” 

Simon Martindale, Fund Manager of the Property Income Trust for Charities, added: “This acquisition provides attractive and secure long-term income to the Fund from a segment of the market which remains highly resilient to the current economic slowdown. This asset will complement the overall portfolio composition of the Fund following the recent warehouse purchases in Stoke-on-Trent and Stockport.”