Aldi signs new lease on Palace Capital supermarket

Aldi has signed a 20-year lease at Palace Capital’s 16,500 sq ft supermarket in Gosport, Hampshire. The discount supermarket chain had a previous lease on the site, which Palace Capital bought last year as part of a £71.8m portfolio from RT Warren, with an expiry in August 2030. The existing lease was surrendered and a new one with additional land for car parking was secured at £291,000 per annum – a 17.8% increase on the previous deal. A rent review will be undertaken every five years, based on the retail price index, with a collar of 1% and a cap of 2.75%, compounding annually. Neil Sinclair, chief executive of Palace Capital, said: “When we acquired the RT Warren portfolio, which was the best portfolio we had seen in the UK property market for some time, we knew it contained significant latent potential that we would be able to unlock with our asset management expertise,. This new deal is a strong example of that. “We continue to actively asset manage the other properties within the RT Warren portfolio and look forward to updating the market on our progress in due course.” To send feedback, e-mail karl.tomusk@egi.co.uk or tweet @karltomusk or @estatesgazette