Martin’s Properties adds retail park to its £375m portfolio.

Martin’s Properties have successfully completed the purchase of Hadden Hill Retail Park, Didcot from IM Properties.

The retail park extends to approximately 41,000sq ft and is let to retailers B&M, Halfords and Carpetright who have all recently committed long term futures to the park. An established Tesco Superstore is adjacent.

The acquisition will be Martin’s first retail park purchase and is the latest in a series of moves from the London-based developer and investor to diversify its portfolio. Last year, it bought its first commercial property in Crawley and a Travelodge in Hampshire.

“Yields across the retail warehousing sector have softened significantly over the past 18 months and we believe the market is undervalued where rental levels have already been rebased,” said managing director Richard Bourne.

Commercial asset manager Brook Stotesbury added: “The acquisition is expected to deliver solid returns with the capacity to drive additional value through active asset management.”

The price paid was £8.25m reflecting a yield of 7.6%.

Edgerley Simpson Howe represented Martin’s Properties.

Farmfoods upsize in Warrington

AEW Europe have completed an upsize of Farmfoods at School Brow Retail Park, Warrington.

Farmfoods will upsize from their existing 5,000 sq ft unit to 10,000 sq ft and have agreed to take a new 15 year lease.

ESH advised AEW Europe.

Schroders secure trio of lettings at Norwich retail park. 

Schroders have successfully secured new lettings at Hall Road Retail Park to retailers Home Bargains and Food Warehouse. The deals also see Homebase, who currently trade from the scheme, right-sizing from 80,000 sq ft to a reconfigured 30,000 sq ft unit.

Home Bargains has taken 20,000 sq ft on a 15 year lease, whilst Food Warehouse has taken 15,000 sq ft on a 10 year lease. Both stores are expected to open by the end of the year.

The retailers will join existing tenants Aldi, Pets at Home, Aldis and Hughes.

ESH acted for Schroders.

CBRE Global Investors sell B&M Newcastle.

Following a letting to B&M in the unit formerly occupied by Homebase, CBRE Global Investors, advised by ESH have successfully completed the sale of the stand-alone asset in Kingston Park, Newcastle.

The Kingston Park area is a well established retail warehousing destination with retailers including M&S, Next, Matalan, TK Maxx, Sports Direct, and Curry’s PC World all represented.

The property which extends to approximately 34,500 sq ft was let at a rent of £9.87 per sq ft on a new 15 year lease from April 2019 and was purchased by a private investor for £4.40 million, reflecting a net initial yield of 7.25%.

Aberdeen Standard Investments secure two new lettings in Colchester.

Aberdeen Standard Investments, advised by ESH have completed two new lettings to Pure Gym and Subway at Colchester Retail Park. The tenants will occupy a sub-division of the unit formerly occupied by DW Sports and line-up alongside occupiers including Matalan, Poundland, Shoezone, Choice Discount Stores and Starbucks.

Pure Gym have taken a 15 year lease on the premises extending to approximately 10,400 sq ft and are expected to open to members in Spring 2020.

Subway have also taken a 15 year lease on a unit extending to approximately 1,200 sq ft.

Topps Tiles take new lease in Banbury.

Topps Tiles are set to open a new store at the two-unit Linkway scheme on Southam Road, Banbury, adjacent to Wickes.

The tiling specialist retailer has agreed a 10 year lease on a unit formerly occupied by Office Outlet and it will become of their largest stores to date extending to approximately 10,500 sq ft.

The letting will see Topps Tiles re-locate from their existing unit along Southam Road, adjacent to Dunelm.

ESH acted for the Landlord, Barings Real Estate.