Canning Town Lidl development hits the market
A Lidl store at the Hallsville Quarter regeneration project in Canning Town, London, has been placed on the market with an asking price of £6.25m.
The 15,985 sq ft unit comprises a brand new, purpose built foodstore below a modern residential scheme, which has been sold off.
Let to Lidl on a 25-year lease with a tenant break at 20 years, the unit will be handed over to the supermarket retailer in September with the opening expected in the final quarter of the year.
The property produces an annual rent of £350,000 per annum and is also subject to five-yearly rent reviews.
The wider Hallsville Quarter development, which is being lead by Linkcity, is at the heart of Canning Town’s regeneration. The £600m development will aim to provide the area with with a new and dynamic town centre with a traditional high street feel, mixed-tenure housing, parking facilities, and open public spaces.
The scheme is currently being delivered over five phases, with the third phase set to complete by the end of 2024.
Once complete, Hallsville Quarter is set to provide around 300,000 sq ft of commercial space, 1,148 new homes, 375 student beds, a 196-bed hotel, and 400 car parking spaces for customers.
Knight Frank, which has been appointed to market the supermarket asset, said the asking price of £6,250,000 reflects a net initial yield of 5.25%.