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.
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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.