LondonMetric Property has signed three new grocery lettings totalling 67,000 sq ft in Ashford, Totton and Tonbridge.
The lettings will generate £1.2 million of contracted rent, have a WAULT of 16 years and benefit from RPI or fixed rental uplifts, according to a statement.
At Ashford, Middlesex, on behalf of its MIPP Joint Venture, LondonMetric has signed a new 25 year lease with Lidl on the former 32,000 sq ft Hitchcock & King unit, at a rent of £0.6 million pa. Lidl has taken possession and is expected to open for trade in October 2022.
At Totton, Southampton, also on behalf of its MIPP Joint Venture, LondonMetric has exchanged contracts with Lidl to extend its representation to 21,000 sq ft on a new 20 year lease, at a rent of £0.3 million pa. Lidl will occupy the space currently let to Poundstretcher.
At Tonbridge, LondonMetric has let a 14,000 sq ft unit to Food Warehouse on a new 15 year lease, at a rent of £0.3 million pa, following receipt of planning approval. Food Warehouse will occupy space currently let to Go Outdoors, who 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, where Lidl recently opened a new 22,000 sq ft store on a former Carpetright unit.
Mark Stirling, Property Director of LondonMetric, commented: “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.”