Green & Partners has advised St Modwen on the freehold sale of a completed development leased to Lidl at Wolverton Works.
Having successfully concluded the letting to Lidl on a 25 year FR&I lease (TBO in year 15) at a rental of £400,000 pax, the Investment Team have now successfully disposed of the freehold interest for £7,750,000 reflecting a Net Initial Yield of 4.85%, to a private investor.
The lease benefits from 5 yearly rent reviews, upwards only to open market rental value, capped at 2% per annum. The site spans circa 2 acres, and comprises a 26,000 sq ft purpose built foodstore and 135 demised car parking spaces. The development forms part of a wider regeneration of Wolverton Works currently being undertaken by St Modwen.
The deal marks the teams second successful foodstore deal in 2018 following the acquisition of a newly built Aldi Investment in the North East of England on behalf of a retained client.
For more information please contact Ed Smith or David Freeman.