Roadside Retail Development Sold To LondonMetric
UK property developer Godwin Developments has announced the joint land, lease and investment sale of a roadside retail site in Uttoxeter to LondonMetric Property, the FTSE 250 listed real estate investment trust (REIT) for just under £2 million. The transaction is the second in as many years between the two businesses, following the May 2020 disposal of a roadside convenience site in Rushden, Northamptonshire.
The deal includes a long lease with The EV Network, an independent EV charging infrastructure company, that will operate the site once built. The scheme will feature a Starbucks roadside retail store, six ultra-rapid EV charge points (150kW+), 26 parking bays as well as cycle storage and pedestrian access from the nearby Lidl food store.
Godwin Developments acquired the site in November 2021 and secured planning permission for a new commercial scheme in July this year, alongside occupier commitment from Starbucks’ drive-thru franchise partner, The Magic Bean Company.
Claudine Tracey, Associate Director of Commercial Development at Godwin Developments, said: “We’re really pleased to have completed the sale of our commercial scheme at Uttoxeter to LondonMetric. The deal highlights once again our ability to acquire land with attractive fundamentals, our expertise in securing planning consent and end occupiers at pace, and creating schemes which offer attractive long income generation potential.”
The development site of just under an acre is situated in a highly prominent location just off the A518, next to a newly opened Lidl supermarket and benefits from a high daily passing traffic count. Uttoxeter’s main railway station, used by 165,000 people every year, is in close proximity and a population of nearly 20,000 lives within a 3-mile radius.
Stuart Pratt, Director and Co-Founder at Godwin Developments, added: “Another deal with LondonMetric demonstrates the lasting impact of Godwin’s full-scale expertise and unique ability to deliver schemes across the development lifecycle. We look forward to continuing our strategy of securing prominent nationwide sites and adding value for communities, landowners and investors.”
Godwin Developments has residential, commercial and industrial divisions with developments in 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, Greggs, Starbucks and Costa Coffee. At the same time, the team works closely with electric vehicle charging providers, helping power the UK’s low carbon future.
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