Supermarket will form second development phase of Sussex business park
What CBRE IM and Dunmoore have signed a deal to develop a supermarket in Billingshurst business park
· Why Lidl has agreed a 25 year lease at a rent of £360,000 a year
· What next Developers hope the store will open in June 2022
CBRE Investment Management has signed a forward funding agreement with Dunmoore for the development of a Lidl supermarket in Billingshurst Business Park, Sussex, React News can reveal.
CBRE IM is paying £8.4m for the 20,451 sq ft store. Lidl has agreed a 25-year lease at a rent of £360,000 a year with the option to break at years 15 and 20.
Development of the store will now begin with a view to opening in June 2022. This second phase of development at the business park will provide 250,000 sq ft of industrial and business space accommodation.
The supermarket will sit alongside a recently completed petrol station and two drive-thru offerings.
Jeff Hobby, CEO and owner of Dunmoore, said: “This forward-funding agreement with CBRE IM reflects the strength of the market for long-term, index-linked, blue-chip income. The progress we have made with the development in such challenging times has been excellent and this deal is testament to our understanding of the ever-changing market and requirements.
“With continued high levels of demand, we look forward to providing further modern flexible business space for the local area”.
David Holt, partner of WHY Property Investment, said: “The excellent quality of development at Billingshurst Trade Park meant the proposed Lidl unit was much sought after and will be a great addition to the scheme”.
Dunmoore was advised by WHY Property Investment. CBRE Investment Management was advised by Fineman Ross.
Earlier this month Dunmoore disposed of Billingshurst Trade Park to Aegon Asset Management for £17m.
