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.
Green & Partners Investment Team has featured in the Co Star Disposal and Acquisition League table for Q2 2018.
Their activity has spanned, High Street assets, two Food Stores, a Shopping Centre and Retail Warehouse. Do get in touch with one of the team for more details.
Acting for the Landlord, Aberdeen Standard, Green & Partners have recently completed lettings to two new anchors in Elmsleigh Shopping Centre, Staines-Upon-Thames.
Primark opened a new 50,000 sqft store in February resulting in a 19% increase in footfall year on year. Decathlon have opened 18,000 sq ft in South Mall. Both lettings followed H&M upsizing to 20,000 sqft in the East Mall in 2017.
The new anchors are supported by recent lettings to Muffin Break and Toy Barnhaus. Muffin Break agreed a 10-year lease on the last available unit in the north mall and Toy Barnhaus agreed a new 3-year lease from May in the south mall.
For further information please contact either Paul Cooper or Olly Gardner.
Acting for the landlord, LaSalle Investment Management, Green and Partners have let unit 142/143 Middleton Grange, Hartlepool to Deichmann. The German retailer is the largest retailer of footwear in Europe.
This new opening on South Mall follows recent lettings in the scheme to H&M, B&M, Boots Opticians, The Entertainer, Costa and Pandora and confirms the holding as Hartlepool’s primary retail offer.
For more information please contact Adam Bindman or James Jenkins.
Green & Partners, acting on behalf of Aberdeen Standard have successfully disposed of 4-6 George Street and 3 Red Lion Street, Richmond for £11.4m, reflecting a 4.6% net initial yield.
The property is mixed use comprising retail at ground floor with office and residential accommodation across the upper parts. The retail units are occupied by Molton Brown, David Clulow, Gandys and Headmasters. DTZ Investors purchased the property and were represented by Hampson Wall.
For further information, contact Ed Smith.
The Scottish based travel agency has agreed to open its third site in England, following successful openings in both Newcastle and Leicester.
Acting on behalf of Threadneedle, Green and Partners secured Barrhead Travel at 30 Above Bar Street by way of a new 10-year lease at a rent of £120,000 per annum exclusive.
For more information please contact James Jenkins.
Aberdeen Standard, advised by Green and Partners, have let 6 George Street Richmond to Gandys International Ltd.
Gandys is a unique lifestyle brand established in 2012 by brothers Rob and Paul Forkan on a mission to help fellow orphans. With existing stores in Covent Garden, Camden and Clapham Junction, this is Gandys’ fourth standalone store.
For further information please contact Harry Jeffery.
Green and Partners advised Alterity Investments in the acquisition of two high street assets, located in heart of Cheltenham, an affluent and attractive Cotswold spa town.
80, 82 and 82A Promenade, Cheltenham
The property comprises three shops housed within three of the town’s famous Regency houses. The units are let to Maythers Cards, a privately owned stationery business with shops in five locations throughout the UK; Toast Ladieswear, a fully owned by French Connection clothes and homeware shop and a third store occupied by Castle Fine Art, one of the leading high street art galleries trading from over 36 stores.
The parade was purchased at an auction for £4.35 million reflecting a NIY of 6.52%.
84 Promenade, Cheltenham
The property comprises an attractive, mid-terraced, period building which has a Grade II Listed status. It is arranged over five levels, providing accommodation at basement, ground and first to third floor levels. The total area of the unit is approximately 355.38 sq m (3,825 sq ft).
The property is entirely let to The White Company, a homewares and fashion retailer, trading from 57 UK outlets, including concessions in the likes of Harrods
and Selfridges department stores in London. The company also has an international presence, with stores in Ireland (Kildare Village) and in the USA; Fifth Avenue, New York City and The Mall at Short Hills, New Jersey.
The transaction reflected £3.35 million at a NIY of 4.30%.
For more information please get in touch with Ed Smith or Patrick Over.
Green & Partners acquired the Sports Direct in St Nicholas Centre, Sutton for AEW.
The property forms an integral part of the scheme, located in a highly prominent position beneath Primark. The property provides a modern, purpose built store arranged over ground and basement level. The ground floor predominantly offers well-configured retail accommodation, whilst the lower ground level offers ancillary and storage accommodation.
St Nicholas Centre is a fully covered shopping centre, built over three levels, and provides 375,000 sq ft of prime retail accommodation. The centre was constructed in 1992, but has recently received an extensive refurbishment.
The deal completed in January 2018 at a price of £1,500,000 reflecting a Net Initial Yield of 9.10%. For more information, please get in touch with Ed Smith or Patrick Over.
Currently trading in Chelsea, Covent Garden, Hampstead and Kensington, Italian chocolatier Venchi have chosen Richmond-Upon-Thames for their fifth standalone store in the UK. Acting on behalf of a Private Landlord, Green & Partners have let 25/26 George Street on a new 10-year lease at a commencing rental of £145,000 per annum exclusive.
For further information please contact Matt Beardall.