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.

Retail Park in Shepton Mallet sold by Aviva

Townsend Shopping Park in Shepton Mallet has been sold by Aviva Investors. Having traded the Tesco unit out separately to Tesco themselves the remainder of the terrace, let to Argos, Boots, Sports Direct, New Look, Laura Ashley, Pets Corner, Carphone Warehouse and Costa, has been sold for £8.35 million. The terrace sits adjacent to the Tesco foodstore and rent of £15.87 per sq ft.

ESH acted for the seller.

ESH are pleased to have worked closely advising M7 Real Estate on the acquisition of two retail warehouse assets; Greyfriars Retail Park, Stafford and Sandy Lane Retail Park, Worksop.

Greyfriars Retail Park in Stafford provides a weighted average income length of over 8 years (no breaks) with Dunelm having recently committed to a new 10 year term. Dunelm, Farmfoods and Dreams occupy a total of 40,480 sq ft off an average rent of less than £10 per sq ft.

Worksop is let to well recognised national covenants of DSG, Anytime Fitness, Pets at Home and B&Q and offers performance in the way of fixed uplifts. Current passing rents are c.£12.50 per sq ft and the linear terrace provides flexible accommodation. The WAULT is c.7 years to breaks and planning is open A1 non-food with a D2 use.

The combined price paid for the two assets was £12.37 million.

Circle Property Plc, advised by ESH, have
disposed of Baildon Bridge Retail Park in Shipley, West Yorkshire. The scheme
is let to B&M, Topps Tiles & Sue Ryder across 37,175 sq ft at a total
annual rent roll of £382,002. The WAULT at the time of sale was approximately
6.5 years to breaks. The price achieved was £4.6 million, reflecting a net
initial yield of 7.79%.

Superdrug have taken a 10 year lease on unit 9 at Banbury Gateway Shopping Park. The unit comprises of 6,000 sq ft.

Superdrug join M&S, Primark, Next, Fat Face and others
on the scheme which is located just off Junction 11 of the M40.

Nicole Campbell, Asset Manager for Banbury Gateway, said she is delighted to be able to welcome Superdrug to the shopping park. “Here at Banbury Gateway, fashion and beauty is
a huge attraction for us with Primark, M&S and Next, so Superdrug will be a welcome addition for our shoppers.

“We look forward to welcoming Superdrug to Banbury Gateway on Friday 22 March and we wish the team the best of luck with the opening.”
Mason and Partners advised Superdrug. ESH and Avison Young advise The Crown Estate.

Barker & Stonehouse Sale and Leaseback

On behalf of Barker & Stonehouse, ESH have sold a sale
and leaseback opportunity to a private investor. The retailer has signed a 10
year lease on its Outlet unit in Marsh Street, Middlesbrough.