1.Bidfood
Cannock, Birmingham, UK
This property, situated in what is known as the “Golden Triangle” for logistics and distribution real estate in the United Kingdom.
North Durham Retail Park is a modern retail park constructed in 2022, comprising over 55 000 sqft of space. It was acquired for £9.9m at an acquisition yield of 5.25%, with a favourable WAULT of 13.5 years. Located two miles north of Durham City Centre, the property is situated in the affluent catchment of Pity Me, adjacent to Durham’s largest out of town retail destination, Arnison Centre. This purpose-built food-store, retail warehouse and drive-thru is fitted out from shell by the high-quality tenants to their latest and most recent specification and branding requirements – modern, new generation stores. The retail park will provide an Aldi food-store (integral to the development and a major benefit to the other units but under separate ownership having been sold by the developer to Aldi on a 150-year lease term), as well as a 12 000 sqft The Food Warehouse, a 22 000 sqft Home Bargains retail warehouse and a 1830 sqft Starbucks drive-thru with a headline rent of £554,250.
Pity Me, Durham
Food-store and retail warehouse
35 830 sqft
Iceland Foods (t/a The Food Warehouse), TJ Morris (t/a Home Bargains), 23.5 Degrees Topco (t/a Starbucks)
The Food Warehouse (new 10 year lease, no TOB), Home Bargains (new 15 year lease, no TOB), Starbucks (new 20 year lease, TOB year 15)
5.25%
Fully repairing and insuring (ie tenant responsible for all operating costs).
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