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SOMERFIELD’S KWIK SALES BOOST BARBERRY GROUP
By Barques | March 31, 2008
Barberry Group has completed a series of four store purchases from supermarket chain Somerfield.
The four stores were included in the property portfolio acquired by Somerfield as part of their purchase of the Kwik Save brand and each has been successfully re-developed by Barberry for a variety of new uses.
Martyn Cartwright, Director of Barberry Group explained the rationale of the deals.
“Somerfield saw these sites as surplus to their requirements and not ideal to redevelop as new Somerfield stores. We looked at each location on its merit and have determined a successful outcome in each case by investing in the site and re-modelling the offerings to appeal to more suitable retailers.”
In Sutton Coldfield in the West Midlands, Barberry has agreed a 15-year pre-let on the 16,500 sq ft unit with DSG Retail trading as PC World. Barberry has commenced works on the standard PC World fit out with completion anticipated in Spring 2008.
Barberry also concluded a new 25 year lease with Aldi Stores Limited for a 16,250 sq ft unit in Bradley Stoke, five miles north of Bristol. The end value of the development will be in the order of £7million.
“Following the closure of the Somerfield around £1million has been spent improving the property including a new glazed shop front to the Aldi unit, resurfacing of the car park and provision of new lighting columns” added Cartwright.
Countrywide Farmers Plc has agreed a ten year lease on a two storey unit in Totton, Southampton worth circa £1.55million.
Finally in Rugeley, Staffordshire Barberry re-modelled 11,000 sq ft into three new units of varying size. Barracuda Group, trading as Smith & Jones agreed a 25-year FRI lease following a change of use to A3. The end value of the development will be in the region of £2.5million.
“These deals have demonstrated our ability to transform redundant sites into attractive opportunities for high quality tenants. We made quick decisions in each case and established a positive relationship with Somerfield in the process. We are always on the lookout for similar schemes in the future.” added Cartwright.
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