DTZ brings London Sainsbury’s store to the checkout
DTZ Investors has bought a Sainsbury’s supermarket in Islington, north London, from Lothbury for nearly £56.3m.
Sainsbury’s has occupied the 2.5-acre site since 1984.
The building is EPC B-rated and comprises 67,426 sq ft, of which 35,000 sq ft is sales area along with a large 131-space surface car park.
DTZ Investors has bought a Sainsbury’s supermarket in Islington, north London, from Lothbury for nearly £56.3m.
Sainsbury’s has occupied the 2.5-acre site since 1984.
The building is EPC B-rated and comprises 67,426 sq ft, of which 35,000 sq ft is sales area along with a large 131-space surface car park.
The grocer recently agreed a new 20-year reversionary lease, taking expiry to 24 March 2044, with the fresh inclusion of annual indexed rent reviews, green lease clauses and a full parent company guarantee.
The retailer is understood to be considering significant investment into the store, following agreement of the reversionary lease.
DTZ Investors director Ben Haller said: “This asset is the latest in our investment programme through 2023.
“There are opportunities amongst the wider market challenges with this core asset offering long and strong income and the potential for significant capital enhancement in the future.”
Freddie MacColl, partner at Knight Frank, which advised DTZ on the deal, said the property was a “core supermarket with rare and exceptional characteristics”, adding: “We have now acted for DTZ Investors on two deals this year where they’ve performed on a 10-working day timeframe and at the agreed price on both occasions.”
Savills advised the vendor.
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Photo © DTZ Investors
