Custodian Capital agree two new lettings in Southport
Custodian Capital, solely advised by ESH, have completed 2 new lettings on Kew Retail Park, Southport.
Jollyes Pets have taken a vacant 6,000sqft unit on the park on a new 10 year lease and CVS Group (veterinary practice) have taken a 15 year lease on the former Carphone Warehouse unit of 3,000sqft adjacent.
The park is now fully let, but with further asset management opportunities available.
Pure Gym pump up store estate with four more acquistions
Pure Gym advised by ESH have completed four new acquisitions and their first in Northern Ireland for four years.
Pure Gym will open in:
- Yate, Riverside Retail Park
- Haywards Heath, South Road
- Ballymena, Braidwater Retail Park
- Boston, Alban Retail Park
ESH also advised on a lease re-gear with their existing facility in Ashton under Lyne, Ashton Retail Park.
JD Gyms runs into Burnley
ESH acting on behalf of FPG have completed a letting to JD Gyms on Prestige Retail Park, Burnley. JD Gyms have taken a unit of 10,005 sq ft GIA on a new 15 year lease and will provide an alternative use to Sainsbury’s & Curry’s who currently occupy units on the scheme.
A final unit of c.10,061 sq ft GIA is available to let. For further information contact Chris Fenton.
Martin’s Properties buys South East retail and shed portfolio for £23.1m
A client of ESH, Martin’s Properties has snapped up a portfolio of four assets comprising a combined 130,000 sq ft in the South East for £23.1m.
The four freehold assets, spanning 10 acres, include a Wickes retail warehouse in St Albans, Andover Retail Park in central Winchester and Speedfield Retail Park in Fareham, plus a multi-let industrial estate in Milton Keynes. The fully let portfolio, purchased with cash resources, is all currently rated EPC ‘C’ or higher and its acquisition will add £1.5m per year of rent for Martin’s Properties.
Brook Stotesbury, head of commercial asset management and investment at Martin’s Properties, commented: “We were delighted to be presented with this opportunity at a significant discount to pricing at the start of the year. The assets represent good long-term income to strong covenants in excellent macro and micro locations within the South East.”
Richard Bourne, chief executive of Martin’s Properties, said: “The off-market acquisition of this portfolio highlights our growing reputation including the strength of our team, the convenance of our capital and our ability to act swiftly.
“We have been patient with our deployment of capital over the past two years and have quietly built up a strong cash position which we are now able to deploy in an evolving market.
“We now have over £320m and 500,000 sq ft of assets under management and have radically changed the composition of our portfolio, having deployed over £40m of cash in the last two months and £63m in the last 12 months.”
He added: “We still have £65m of cash to invest and continue to look for opportunities to use our in-house development and asset management expertise. Our immediate focus is on securing further acquisitions where we can add value through development and repositioning to deliver opportunistic risk-adjusted returns.”
ESH are looking forward to working with Martin’s on the retail asset management of Fareham, St Albans & Winchester.
Greggs set to roll out new store in Cardiff
Savills Investment Management, solely advised by ESH, has completed a new letting to Greggs at Brooklands Retail Park in Cardiff.
The bakery chain has taken a new 10 year lease on the former Pizza Hut unit, which extends to approximately 3,200 sq ft and occupies a prominent roadside position, fronting the busy Culverhouse Cross intersection.
Heavyweight Gym Occupier Expands Portfolio
Pure Gym continue their acquisition drive with a further store acquisition in Heanor, Derbyshire. Pure Gym are to open a ‘small box’ format gym extending to 4,000 sq ft GIA on a new 10 year lease at CBREIM’s Heanor Retail Park, the unit was previously occupied by Clintons. Other occupiers on the scheme include Aldi, Home Bargains, The Food Warehouse, Shoezone and Peacocks.
ESH represented Pure Gym.
Lidl disposes of south east long income asset
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LCP acquires dominant north east retail warehouse scheme
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