Every Lidl counts as LondonMetric draws in three new deals

LondonMetric Property has added a further £1.2m pa of extra rent through three grocery lettings. The company, on behalf of its MIPP joint venture, has secured a new 25-year lease with Lidl on the 32,000 sq ft former Hitchcock & King unit in Ashford, Middlesex. Lidl has taken possession and is expected to open for trade in October this year. At Totton in Southampton, also on behalf of its MIPP joint venture, LondonMetric has exchanged contracts with Lidl to extend its footprint to 21,000 sq ft on a new 20-year lease, at a rent of £300,000 pa. Lidl will occupy the space currently let to Poundstretcher. And in Tonbridge, Kent, LondonMetric has let a 14,000 sq ft unit to Food Warehouse on a new 15-year lease, at a rent of £300,000 pa, following receipt of planning approval. Food Warehouse will occupy space currently let to Go Outdoors, which 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, south-east London, where Lidl recently opened a new 22,000 sq ft store in a former Carpetright unit. Mark Stirling, property director of LondonMetric, said: “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.” To send feedback, e-mail samantha.mcclary@eg.co.uk or tweet @samanthamcclary or @EGPropertyNews