ESH complete duo of Poundland lettings.

ESH have successfully completed two new lettings to the discount retailer Poundland. The new lettings at St Augustin Retail Park, Grantham and The Broad Centre, Sutton in Ashfield will be opened along with four other stores as part of the retailers ‘Super Saturday’ opening day prior to Christmas.

At Augustin Retail Park, Grantham, Poundland will occupy a unit of 8,285 sq ft alongside other occupiers including Sports Direct, Iceland, Next and Pets at Home. The scheme remains fully let. ESH represents the Landlord Aberdeen Standard Investments.

At The Broad Centre, Sutton in Ashfield, Poundland will occupy the former Poundstretcher unit which extends to c.8,000 sq ft. Other tenants include Lidl, Matalan, Pets at Home and Anytime Fitness. ESH represents the Landlord Orchard Street Investment Management.

The Food Warehouse expands portfolio with Weymouth acquisition.

The Food Warehouse, run by retail giants Iceland, will open at the former Aldi at Jubilee Retail Park in January 2021.

Edgerley Simpson Howe, acting on behalf of the Landlord Aberdeen Standard Investments successfully agreed a surrender with Aldi, who occupied the c.12,000 sq ft premises on a long leasehold agreement and agreed a new letting to The Food Warehouse on a 10 year lease. The Food Warehouse will commence fitting out in December with the store set to open to customers in January 2021.

The Food Warehouse joins occupiers Matalan, Curry’s PC World, Pets at Home and Carpetright.

M7 continue Retail Warehouse acquisition drive with Ipswich purchase. 

M7 have successfully completed the purchase of a solus B&M on Felixstowe Road, Ipswich from BMO.

The unit which is occupied by the FTSE 100 retailer extends to approx. 39,000 sq ft is let off a manageable rent of £12.99 per sq ft and benefits from a WAULT of 10 years. M7 purchased the asset for £6.0m, showing a net initial yield of 7.90%.

Edgerley Simpson Howe represented M7.

ESH advise Pure Gym on three new south east lettings.

Pure Gym are to open 3 new gyms in the south east, continuing with their expansion. These new gyms are in Reading Calcot within the Sainsburys store; Westgate Retail Park in Aldershot and The Mall Shopping Centre in Maidstone.

ESH acted on behalf of Pure Gym on all acquisitions.

Private buyer for Waitrose in Stamford.

The freehold let to Waitrose in Stamford, Lincolnshire has changed hands as another example of the popularity of foodstore investments in the current market. Terms were agreed during the early 2020 lockdown period with competing bids presented to the private owner advised by JLL. The store of around 27,800sqft is let to Waitrose until November 2029 at £430,000pa and the price of just over £7,000,000 reflected an initial return of approx 5.7%. The purchaser, a private Estate, was represented by Edgerley Simpson Howe.

Lidl upsize in Hereford.

ESH, acting on behalf of The Charities Property Fund c/o Savills IM have successfully agreed a new 25 year lease granted to Lidl on Brook Retail Park. Lidl, who formerly occupied approx. 12,000 sq ft will upsize in their current location to a store of 18,635 sq ft. The unit will also undergo refurbishment in line with the retailers modern specification.