Dunmoore has signed a forward-funding agreement with CBRE Investment Management for the development of a Lidl supermarket in Billingshurst Business Park, Sussex. CBRE Investment Management is paying €10m (£8.4m) for the 20,451ft² store. Lidl has agreed a 25-year lease at a rent of €430,558 (£360,000) a year with the option to break at years 15 and 20. Development of the store will now commence with a view to opening in June 2022, initiating the second phase of development at the business park that will provide 250,000ft² of industrial and business space accommodation. The superstore will also sit alongside a recently completed petrol filling station and two drive-thru offerings, all providing excellent service for the business park.
Jeff Hobby, CEO and owner of Dunmoore, said: “This forward-funding agreement with CBRE Investment Management reflects the strength of the market for long-term, index-linked, blue-chip income. The progress we have made with the development in such challenging times has been excellent and this deal is a testament to our understanding of the ever-changing market and requirements. With continued high levels of demand, we look forward to providing further modern flexible business space for the local area”.
