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Tesco renews in Finchley


Colliers UK Retail Lease Advisory team has advised Daejan Investments on the lease renewal of a 62,000 sq ft Tesco Metro in Finchley, London.


The supermarket operator has taken a new 20-year lease at an increased annual rent of £1.55m which equates to £24 per sq ft. No rent free or other incentives were included in the deal.


Matthew Hobbs, Head of UK Retail Lease Advisory, comments: “This is an important store for Tesco and the terms reflect their continued desire for representation in an affluent London location.”.


matthew.hobbs@colliers.com | +44 (0)20 7344 6843


Preston Sainsbury’s sells at 5.1%


Advised by Colliers Retail Capital Markets, Legal & General Investment Management has sold a 96,305 sq ft Sainsbury’s in Preston to Supermarket Income REIT for £54.4m.


The store on Flintoff Way produces current annual income of £2.963m and the sale reflected a net initial yield of 5.1%. There are 23 years unexpired on the RPI-linked lease which has five-yearly reviews with a 4% and 1% collar and cap.


Tom Edson – Colliers’ Head of Out of Town Retail Investment – comments: “This sale illustrates that there is strong investor appetite for well-let, well located stores that are attuned to local shopper demand”.


tom.edson@colliers.com | +44 (0)20 7344 6554


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