Buccleuch acquires trio of Sainsbury’s Local stores
Buccleuch Property has acquired three Sainsbury’s Local stores for a total of £5.6m.
The stores – which are located in Telford, Colchester, and Lewisham – are leased to Sainsbury’s for a term of 15 years with indexed rent reviews.
The stores range in size between 3,337 sq ft and 4,359 sq ft and all three were completed in the last three years.
Philip Eves, director at Buccleuch Property, said: “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.”
This follows Buccleuch’s recent acquisition of a mixed-use property in London’s Soho neighbourhood from Landsec for £14m.
Cushman & Wakefield acted for Buccleuch, whilst Knight Frank acted for the vendor.