ESH Represent KFIM on Foodstore Sale & Leaseback
Represented by ESH, Knight Frank Investment Management (KFIM) have purchased the freehold of the Waitrose in Newmarket from the Project Nevada portfolio, one of only two food stores in the town. The store was purpose built for the retailer and comprises approximately 40,000 sq ft of space. Now let to Waitrose Limited, the sale and leaseback transaction provides KFIM a 20 year lease term with a tenant break at year 15 and an option to renew at expiry. The newly set rent of £19 per sq ft increases on a 5 yearly basis fixed at 2% per annum compounded.
ESH’s client paid approximately £17 million for the investment.