LGIM looks to sell Greenwich Waitrose for £16m

Legal and General Investment Management has appointed Montagu Evans to market its Waitrose in New Capital Quay, Greenwich, SE10, for offers over £15.8m. The 31,145 sq ft store sits within the 1,000-home New Capital Quay development. The supermarket provides 150 car-parking spaces and has a virtual freehold interest lasting 999 years from May 2012 at a peppercorn rent. The store is let to Waitrose until June 2038, providing a long unexpired term in excess of 14 years. It has a five-yearly fixed rental uplift, with the next review due in June 2028. It has a sustainable passing rent of £1m per annum, or £33.90 per sq ft. In its latest full-year update to 27 January 2024, Waitrose reported that sales rose by 5% to £7.7bn, while its trading operating profit increased to £1.1m, an improvement of £170m.