Newcore Capital (Newcore) has acquired the investment long leasehold interest in the Welcome Break motorway service area (MSA) at South Mimms, recognised as the UK’s largest EV Hub, for an undisclosed sum.
The c. 4.5-ha MSA occupies a key strategic location at the junction between M25 (J23) and A1 (M) that sees over 200,000 daily movements. The site features 6,503m2 across the amenity building, restaurants and hotel.
The property is let to Welcome Break until 2036 with a passing rent of €1.9m per annum. The rent is structured as ground rent and is subject to open market review in February 2026.
The asset was purchased on behalf of Newcore’s latest value-add fund, Newcore Strategic Situations V (‘NSS V’), which reached a final close at €226.1m of equity commitments in May last year and is still in the investment phase. Support for the fund included the Merseyside and Clwyd local government pension schemes. NSS V remains active in the market for MSA as well as other social infrastructure assets, including waste, open storage, healthcare and funeral care.
Harry Savory, CIO, Newcore Capital, said: “We are delighted to have purchased the service area at South Mimms for NSS V. It is a key strategic holding in UK transport infrastructure; it has a well-established trading position and is virtually unopposed from competition along the northern part of the M25. The site is uniquely positioned to capitalise on the transition towards EV and this will be key to delivering strong future performance.”
Hugo Llewelyn, CEO, Newcore Capital, said: “The acquisition of South Mimms MSA follows an active summer for our latest value-add vehicle, with planning consent secured for new childcare provision and residential accommodation, as well as a leasing agreement for a specialist education provider. One of the additional benefits of investing in social infrastructure-related real estate is the positive impact our assets can have, whether that is supporting the decarbonisation of our transport system or providing much-needed childcare or educational services.”
Image provided by Monfort.
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