Legal & General sells Sainsbury’s in Cheltenham for £60.4 million

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The specialist retail investment team at Colliers International has completed the sale of the Sainsbury’s, Tewkesbury Road, Cheltenham on behalf of Legal & General to Supermarket Income REIT.



The specialist retail investment team at Colliers International has completed the sale of the Sainsbury’s, Tewkesbury Road, Cheltenham on behalf of Legal & General to Supermarket Income REIT

The sale sees the 97,434 sq ft Sainsbury’s store and petrol filling station sold for £60.4 million, reflecting a net initial yield (NIY) of 5.25%. The asset is let to Sainsbury’s Supermarkets Limited, expiring in June 2032, and generates a current passing rent of £3,338,216 per annum. 

Tom Edson, Head of Out of Town Investment at Colliers International added: “We are pleased to have been able to see this sale through to fruition on behalf of our client Legal & General. Although this asset is a strong trading asset and good example of a regionally important superstore for Sainsbury’s, after completing a successful asset management plan, our client sought our specialist advice on an appropriate disposal strategy, which we were delighted to complete."

Related Experts

Tom Edson

Head of Retail Capital Markets

London - West End

Specalist investment advisor on retail warehouse and foodstore investment sale and acquisitions.

 

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Hannah Zitren

PR Manager

London - West End

Currently on maternity leave.

As PR manger in the UK, I am responsible for media relations and generating coverage in top tier media. I work across a range of Colliers’ UK & Pan-EMEA business lines (residential; licensed and leisure; planning; hotels; retail; healthcare and automotive) advising on their strategic and tactical PR needs.

My role includes:

·         Developing and executing PR plans for the various business lines to help promote their key messages across all aspects of the media - print, broadcast and social.

·          Media evaluation and reporting objectives, targets and successes across the business.

·         Reputation management and crisis management.

·         Media training.

·         Media engagement: setting up meetings with top tier media and various internal spokespeople to continuously expand and build a presence with property and vertical media network.

·         Consistently delivering service excellence, meeting with business heads of a regular basis and trying to influence the research as much as possible to ensure our content has a strong enough news hook.

·         Key campaigns that I work on include MIPIM; MAPIC; REVO; Midsummer Retail Report; IHIF; Cities of Influence in addition to a host of all alternative property sector research reports.

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