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."

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Tom Edson

Director | Head of Out of Town Investment

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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