Forge Advise on Longfield Sale

Forge have advised on the sale of the Waitrose in Longfield, Kent.

The property comprises a 28,200 sq ft purpose built foodstore with 150 demised surface parking spaces. The store was recently fully re-fitted by Waitrose and provides full omni-channel services with both Click & Collect and home delivery.

The store is let to Waitrose Ltd for a further 19.5 years with a passing rent of £530,437 pa (reflecting £19.00 psf), subject to 5 yearly CPI linked rent reviews, with a collar and cap of 1% – 4% pa.

Jonathan Mills commented:

“Having recently advised on the purchase of the property as part of Project Sparta, an 11 asset Waitrose sale and leaseback portfolio, we were delighted to complete this sale on behalf of our client, M&G, at a material premium to the portfolio pricing, clearly demonstrating the continued appeal of long let foodstore income.”

To discuss this or other foodstore opportunities, please contact Jonathan Mills or Joe Baio.