Buccleuch Property has acquired three Sainsbury's Local stores in Telford, Colchester and Lewisham for a total purchase price of £5.6 million. The buildings are leased to Sainsbury’s for a term of 15 years with indexed rent reviews. The stores range in size from 3,337 sq ft to 4,359 sq ft and were all completed within the last 2 years.
Philip Eves of Buccleuch Property commented, “The acquisition of these three properties is a great addition to our portfolio. The reliable long term income stream with indexation from a fantastic tenant allows us to take on more risk in other investments and the geographical spread of these properties fits well with our target investment locations. The demand for convenience food stores is extremely strong, so we are delighted with the result. We greatly appreciate the assistance of all those involved in this transaction.”
Griff Lewis at Cushman & Wakefield and Liz Evans at Womble Bond Dickinson (UK) LLP acted for Buccleuch Property, while Josh Roberts of Knight Frank represented the vendor
