Chain store site sold for £80m to in­come com­pany

Kentish Express Ashford & District - - News - By Dan Wright

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.”

What do you think? Write to Ken­tish Ex­press, Unit 4, Park Mall Shop­ping Cen­tre Ash­ford, TN24 8RY or email ken­tish­ex­press@ thek­m­group.co.uk

Sains­bury’s store in Si­mone Weil Av­enue

Newspapers in English

Newspapers from UK

© PressReader. All rights reserved.