LondonMetric reached agreements on three grocery lettings within its long income and retail park assets in Ashford, Totton, and Tonbridge.
The three lettings, Ashford, Totton, and Tonbridge, are expected to generate of £1.2m in contracted rent per annum. Alongside, the lettings, will have a weighted average unexpired lease term (WAULT) of 16 years and benefit from RPI or fixed rental uplifts.
LondonMetric has secured a new 25-year lease with Lidl on the existing 32,000 sq ft Hitchcock & King store on behalf of its MIPP Joint Venture. The rent is £0.6m p.a. Lidl has gained possession of the property and plans to open for business in October 2022.
On behalf of MIPP Joint Venture again, LondonMetric has agreed to increase its footprint to 21,000 sq ft on a renewed 20-year lease. The rent is £0.3m p.a Lidl will take over the location earlier occupied by Poundstretcher.
Following the acquisition of planning permission, LondonMetric has rented a 14,000 sq ft unit to Food Warehouse on a fresh 15-year term. The rent acquired will be £0.3m. Food Warehouse will take over the location presently occupied by Go Outdoors, which is vacating due to its recent administration.
Lidl now represents 1% of LondonMetric’s contracted rent across four sites. Thanks to the lettings in Ashford and Totton, Lidl just established a new 22,000 sq ft shop on a former Carpetright facility, in Sevenoaks Way in Orpington.
“We have continued to take advantage of the polarisation within the retail market to strengthen our exposure to select grocery occupiers. These transactions have not only improved our rental income and lease lengths but also replaced weaker occupiers with stronger credits that better reflect changing consumer shopping patterns,” said Mark Stirling, Property Director, LondonMetric.
LondonMetric’s shares are down 0.15% to 259.6p on Tuesday morning due to persisting situations in Ukraine.
LondonMetric merged with London & Stamford Property and Metric Property Investments in 2013.