Cheltenham supermarket and drive-through sold for £11m
A supermarket and drive-through development in Cheltenham, Gloucestershire which totals over 31,000 sq ft has changed hands for £11m.
Font Real Estate completed the off-market sale on behalf of an institutional client.
The development on Tewkesbury Road sits on a freehold 2.4 acre site approximately 1.9 miles northwest of Cheltenham Town Centre and 2.5 miles southeast of Junction 10 of the M5.
It comprises a 29,664 sq ft Lidl store and an adjacent 2,000 sq ft Starbucks drive-through unit, supplemented by a 151-space car park.
The development has a weighted average unexpired lease term of 17 years to expiry and 8.5 years to break, with both tenants subject to five-yearly RPI-linked rent reviews.
The scheme sits within a large retail cluster, with nearby developments including Gallagher Retail Park, Gallagher Shopping Park, Kingsditch Retail Park, and Centrum Park. Retailers in the area include Sainsbury’s, Iceland, B&M, Halfords, Currys, Dunelm, and The Range.
The development was completed in June 2018 on the site of a former car dealership by Hinton Group, on behalf of LaSalle Investment Management. LaSalle then sold the development in July of the same year for £11,753,000 to a private investor.