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.
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.
The Gym Group to open in Grimsby
The Gym Group have unconditionally exchanged contracts on a new letting at Victoria Retail Park, Grimsby. The Gym will occupy the existing Poundstretcher unit which extends to approx. 11,266 sq ft on a new 15 year lease. The deal represents the first acquisition for The Gym in Grimsby as the 24/7 value operator continues to expand across the UK.
Other occupiers on the scheme include Next, Smyths Toys, Sports Direct and Bensons.
ESH represented The Gym Group.
BP Investment Management attract Dreams and Pure Gym to Taunton Retail Park
BP Investment Management, solely advised by ESH have completed two new lettings to Pure Gym and Dreams at Taunton Retail Park.
Dreams have taken the former Office Outlet unit extending to approx. 9,000 sq ft on a new 10 year lease and Pure Gym will occupy the former PC World unit extending to approx. 12,000 sq ft on a new 15 year lease. Elsewhere on the Park Curry’s have also committed longer term by way of a lease renewal and a further leasing transaction is currently under offer.
Ro Real Estate serves up three new tenants at Solstice park, Amesbury
RO Real Estate advised by ESH have served up two new drive thru restaurant units at their Solstice Park scheme, Amesbury. Food retailers Greggs and Taco Bell will occupy the units, which have now reached Practical Completion alongside Gridserve the sustainable energy solutions provider who will install eight High Power Chargers for electric vehicles, located adjacent to the food retailers.
Both food occupiers have taken 15 year leases and Gridserve has taken a 20 year lease.
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