Investment sale of Greggs and Costa Coffee roadside retail scheme completes
The modern, purpose-built roadside retail development in Stoke-on-Trent was delivered from start-to-finish through Godwin’s planning and development expertise
UK property developer Godwin Developments announces that it has completed the investment sale of a new, purpose-built drive thru and drive to roadside retail development for leading coffee operator Costa Coffee and UK bakery giant Greggs to a private investor in a multimillion pound deal. The modern scheme is located next to the busy A50 Baths Road in Stoke-on-Trent and features six EV charging points operated by The EV Network, boosting the ESG credentials of the scheme.
Godwin Developments acquired the site in September 2020, identifying the potential of a prime roadside retail location which benefits from 60,000 daily passing traffic, large consumer catchment area and proximity to the well-established Phoenix Retail Park.
Within 15 months, the business had designed the scheme, secured planning and both tenants, and reached practical completion. The development was fully occupied in December 2021, demonstrating Godwin’s fast-paced development capability and ability to secure end users.
The drive thru unit on-site, measuring 1,800 sq. ft, was pre-let to Costa Coffee within a month of the acquisition, with the second unit of 1,162 sq. ft. subsequently let to Greggs to operate as a drive to store with the inclusion of outdoor seating.
In keeping with Godwin’s commitment to regenerating land and supporting economies, the roadside retail development has created a total of 71 local jobs during the construction stages and through its operation. It has also provided passing traffic and the community with a modern, convenient new place to access these leading food and drink brands as well as increased the electric charging infrastructure of the area.
Robert Birch, Development Director at Godwin Developments, said: “We are pleased to have executed the sale of this roadside retail asset which illustrates the value created through our land acquisition and development programme, which on this site took just over a year to complete. The sale of the asset supports our strategy of buying very well-located sites across the country and close to key infrastructure and consumer retail demand – a strategy which has delivered value growth and resilience through the cycle. We continue to look for similar opportunities to deploy our capital.”
Godwin Developments has commercial and industrial divisions with recent developments in Birmingham, Northamptonshire, Staffordshire, Dorset and Cambridgeshire, alongside a strong UK-wide pipeline. Its commercial division develops and delivers projects for leading brands such as Lidl, McDonald’s, Burger King, Euro Garages, Greggs, Starbucks and Costa Coffee, with sixteen units delivered to date, with a further pipeline of 31 units. At the same time the team works closely with electric vehicle charging providers, helping power the UK’s low carbon future.
Irwin Mitchell advised Godwin Developments on the sale.