LaSalle acquires Sainsbury’s Superstore in South Woodford for £36.75m
LaSalle announces that it has purchased the Sainsbury’s superstore in South Woodford on behalf of a client for £36.75 million.
Located in the heart of the north-east London suburb, the property is let on a new 25-year lease to Sainsbury’s. The site is also underpinned by longer term redevelopment potential to provide a significant mixed-use scheme.
The 4.2-acre site comprises a 59,107 sq ft foodstore, a seven-screen Odeon cinema, five high street retail units and a 250 space car park.
Jonathan Hawkes, Fund Manager at LaSalle Investment Management, said: “The acquisition fits our strategy of investing in secure income producing assets capable of growth in sustainable long term locations, and is underpinned by a robust land value.”
Dale Johnstone, Partner at Allsop, added: “This store is the dominant supermarket in the area and Sainsbury’s has just shown its ongoing commitment by re-gearing it’s lease.”
LaSalle was advised by Allsop. Savills advised the vendor.