LondonMetric Property has compleged three grocery lettings, across its long income and retail park assets in Ashford, Totton and Tonbridge. The lettings will generate €1.4m (£1.2m) of contracted rent, have a WAULT of 16 years and benefit from RPI or fixed rental uplifts.
The company has signed a new 25 year lease with Lidl on the former 32,000ft² Hitchcock & King unit in Ashford, Middlesex. Lidl has taken possession and is expected to open for trade in October 2022.
At Totton, Southampton, LondonMetric has exchanged contracts with Lidl to extend its representation to 21,000ft² on a new 20-year lease. Lidl will occupy the space currently let to Poundstretcher.
At Tonbridge, LondonMetric has let a 14,000ft² unit to Food Warehouse on a new 15-year lease, at a rent of €0.36m (£0.3m) pa, following receipt of planning approval. Food Warehouse will occupy space currently let to Go Outdoors, who is vacating following its recent administration.
Following the lettings at Ashford and Totton, Lidl now represents 1% of LondonMetric’s contracted rent across four properties, which also include Sevenoaks Way in Orpington, where Lidl recently opened a new 22,000ft² store on a former Carpetright unit.
Mark Stirling, Property Director of LondonMetric, commented: “We have continued to take advantage of the polarisation within the retail market to strengthen our exposure to select grocery occupiers. These transactions have not only improved our rental income and lease lengths but also replaced weaker occupiers with stronger credits that better reflect changing consumer shopping patterns."