Supermarket Income REIT has acquired a Waitrose supermarket in Market Harborough, Leicestershire from Alpha Real Estate for £9.1 million, representing a net initial yield of 4.3%.
Developed in 2013, this prominent 2-acre site is located in the town centre and comprises a 18,000 sq ft net sales area supermarket with over 180 car parking spaces. The store forms a key part of the Waitrose online grocery fulfilment capacity in the region, providing both home delivery and click and collect to its local catchment.
Waitrose supermarket is being acquired with an unexpired lease term of 19 years (with a break option at year 14), with 5-yearly rent reviews subject to 2% fixed, annually compounded uplifts.
“We are pleased to have added a further Waitrose store to our growing portfolio. This store has strong omnichannel trading fundamentals and is situated in a prominent location within a highly affluent town,” said Ben Green, Director of Atrato Capital, the Investment Adviser to Supermarket Income REIT.