Joint venture acquires former Coventry Sainsbury’s for £3.3m
A joint venture (JV) between Roadside Real Estate and Meadow Partners has completed the acquisition of a former Sainsbury’s supermarket in Coventry for £3.26m.
The acquisition will be funded in line with the terms of the JV’s equity commitments, with Meadow owning and funding 97% of the JV, whilst Roadside Real Estate own and fund the remaining 3%.
The asset fronts on to the A444 and comprises a 72,091 sq ft purpose-built former supermarket, a petrol filling station, and a 407-space car park. Nearby occupiers include The Range and Selco.
Roadside Real Estate said the site offers potential for development of a new roadside scheme with an electric vehicle charging hub, with options at the rear of the property for retail or other uses including logistics.
The site has been purchased with vacant possession, allowing the JV to review its configuration with a view towards redevelopment to serve a number of complementary tenants.
Roadside Real Estate said it has already received expressions of interest from several household name brands focused on drive thru and “foodvenience” offerings. It added that the JV will engage with its electric vehicle (EV) charging partners to find the optimal charging hub configuration for the site.
Charles Dickson, executive chair of Roadside Real Estate, said: “This is an exciting third acquisition for the JV with significant scope for EV charging infrastructure in line with our strategy, redevelopment potential and a variety of asset management opportunities. Our Coventry site is a perfect example of the kind of assets we are seeking to unify, institutionalise and develop into high-amenity facilities that benefit their surrounding communities.”
Roadside Real Estate said the JV has a prospective roadside real estate investment pipeline in excess of £150 million, which it said is confident will attract high-quality nationwide tenants. It added that the JV remains in negotiations on several further site acquisitions.
The JV was created in late 2023 when real estate company Barkby entered an agreement with New York and London-based Meadow Partners, with the former changing its name to Roadside Real Estate to better reflect its strategy. The groups said the JV could create a portfolio worth over £250m.