Chain store site sold for £80m to income company
A supermarket investment firm has bought the Ashford Sainsbury’s store site in Bybrook for £80m.
Bosses at the Supermarket Income company, which floated on the stock market in July, acquired the freehold from the National Farmers Union Mutual Insurance Society.
Sainsbury’s bosses say the change of ownership will have no impact on their shop, which will continue to trade as normal on the Warren Retail Park off Simone Weil Avenue.
Ben Green, director of Atrato Capital, the investment adviser to Supermarket Income REIT, welcomed the sale.
“This is our third acquisition since our initial public offering (IPO),” he said.
“The asset is important to Sainsbury’s, which has committed significant capital into its extension and redevelopment in recent years.
“The sizeable site is ideally located to serve the ever-growing Ashford population, situated in close proximity to the town centre and directly adja- cent to the M20 and the Eureka leisure park.”
Supermarket Income has bought the store on a 21-year lease, which is subject to annual rent reviews.
The store, which is on a 17-acre site, covers 125,000 sq ft with more than 700 parking spaces.
Sainsbury’s first developed this site in the early 1990s, transforming the shop in 2011 when it was extended and refurbished.
The company demolished the former Carpet Right, Halfords and Harveys stores, adding further space to the shop.
Mr Green added: “This investment is a strong addition to our portfolio and provides attractive and growing income, while its size, site cover and location means that there is excellent upside potential over the longer term.
“It also diversifies and strengthens our tenant and geographic mix.”
Sainsbury’s spokesman David Mills described the sale as a standard freehold transaction and change in landlord.
He said: “Our store is incredibly popular and will continue to serve customers.”
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Sainsbury’s store in Simone Weil Avenue