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Credit: LondonMetric

LondonMetric signs Grocery Lettings across Retail Park Portfolio

LondonMetric announced three grocery lettings across its long income and retail park assets in Ashford, Totton, and Tonbridge (UK). The lettings will generate €1.4 million of contract rent, have a WAULT of 16 years and benefit from RPI or fixed rental uplifts.

At Ashford, Middlesex, on behalf of its MIPP Joint Venture, LondonMetric has signed a new 25 year lease with Lidl on the former 2,973 sq m Hitchcock & King unit, at a rent of over €0.7 million p.a. Lidl has taken possession and is expected to open for trade in October 2022.

At Totton, Southampton, also on behalf of its MIPP Joint Venture, LondonMetric has exchanged contracts with Lidl to extend its representation to 1,951 sq m on a new 20 year lease, at a rent of over €0.3 million p.a. Lidl will occupy the space currently let to Poundstretcher.

At Tonbridge, LondonMetric has let a 1,301 sq m unit to Food Warehouse on a new 15 year lease, at a rent of ~ €0.3 million p.a., following receipt of planning approval. Food Warehouse will occupy space currently let to Go Outdoors, who is vacating following its recent administration.

Following the lettings at Ashford and Totton, Lidl now represents 1% of LondonMetric’s contract rent with four properties, which also include Sevenoaks Way in Orpington, where Lidl recently opened a new 2,044 sq m store in a former Carpetright unit.

Mark Stirling, Property Director of LondonMetric, commented: “We have continued to take advantage of the polarization 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 the changing consumer shopping patterns.”