LXB Retail buys again in Greenwich
Published: 30 June, 2010
LXB Retail announces has bought two further retail sites in Greenwich from Schroder Exempt Property Unit Trust for £21.24m.
The two properties adjoin the Bugsby’s Way Retail Park which was acquired by LXB earlier this year.
The first property comprises a primarily vacant site which has an implementable planning permission for the development of approximately 45,000 sq ft of unrestricted retail consent together with permission for the development of circa 72,000 sq ft of light industrial space and 20 residential units.
The second property comprises an existing first generation retail warehouse of 36,750 sq ft which is let to Wickes for a further ten years. This property has the benefit of Open A1 non-food planning permission.
The properties currently produce an aggregate rent of circa £0.585m per annum and the Wickes unit is subject to an outstanding rent review from January of this year.
The deal means that over 85 per cent of the funds LXB Retail raised at its IPO have now been invested; and CEO Tim Walton said: “This is LXB Retail’s third significant acquisition in Greenwich and complements the group’s existing holdings. We believe there is significant retailer demand for modern floor space in this location and in total the group now controls over 210,000 sq ft of retail space with predominantly unrestricted consent which will enable it to bring forward a more comprehensive plan for the area”.
