London Metric has acquired a strategic development site in Ipswich from supermarket giant Tesco.

The investors already own the 47,848 sq ft Matlesham Heath Retail Park opposite and have earmarked the three-acre site to become a new 30,000 sq ft retail park, 20,000 sq ft of which has been pre-let to Wickes.

ESH and Morgan Williams advised London Metric on their purchase of the freehold and letting to Wickes.

Advised by ESH, KFIM have purchased the Wickes in Chatham from LondonMetric Property Plc for £6,900,000.

This purchase represents a net initial yield of 5.64% and provides a long income of over 17 years following completion of a 15 year reversionary lease. The tenant has also recently completed a re-fit of the property to incorporate their new style and shopfit layout and include the new ‘Pay + Collect’ service. The 26,142 sq ft unit is let at £15.87 per sq ft and benefits from an open A1 non-food planning consent.

Edgerley Simpson Howe (ESH) are delighted to announce the appointment of Karl Norman as a partner.

Karl has over 17 years experience in the out of town retail sector having previously been an equity partner of Harvey Spack Field and most recently a Senior Director at CBRE.

Karl represents a broad range of landlord and developer clients and also advises a number of major occupiers on their property requirements. In particular he has strong relationships with Mothercare, New Look and Starbucks.

The scheme totals 101,975 sq ft of broadly bulky good retail space and has since benefitted from a number of further planning relaxations

ESH advised Altum Capital on their acquisition of the Hough Retail Park located on the A34 Litchfield Road, Stafford. The retail park is occupied by B&Q, Home Bargains, Bensons, Maplin, SCS and Argos and provides a long AWULT of over 10 years to expiry and 9.5 years to breaks.  The asset provides a total annual rent of £1,520,905 reflecting an average rent per sq ft of less than £15.00. Altum Capital purchased the freehold of the property for £21,050,000 reflecting a net initial yield of 6.77%.

The team managed to spin 145km and raised over £1,900 for Sport Relief! A great effort from all involved.
http://my.sportrelief.com/sponsor/TeamESH?page[members-ranked]=1

Our Cobham team took part in the Spinning Bike Challenge as part of Sport Relief 2016, smashing their initial target of 100km and £300.

The team managed to spin 145km and raised over £1,900 for Sport Relief! A great effort from all involved.

Aviva, advised by ESH, have purchased the Matalan and Aldi retail warehouses on Kingston Road, New Malden from a private vendor for £14,250,000 / 5.16% net initial yield.

The scheme comprises 37,534 sq ft and is let with an AWULT of 9.24 years at rents of £22.48 psf and £18.97 psf. The Aldi rent is subject to five yearly upward only rent reviews to RPI with a collar and cap at 1% pa and 2.5% pa respectively.
Both units benefit from an unrestricted open A1 planning consent that allows the sale of food.
Savills advised the vendors