Tesco Extra in Bradley Stoke has been sold off to a London property investment trust as part of a major deal worth £84m. The agreement, announced on Monday (September 26), will see Supermarket Income REIT plc acquiring the 19.8-acre site, which includes a 74,717 sq ft net sales area main store; a 16-pump petrol station; a 925-space car park; an Iceland food warehouse; and other retail units nearby.
The Bradley Stoke store is an online hub for Tesco, operating 20 home delivery vans and a dedicated click and collect facility. Tesco has operated at the site since the 1980s and through an extensive refurbishment expanded the branch in 2007. The other shop units acquired as part of the deal are currently home to tenants including Boots, Greggs, Costa Coffee and Pets at Home.
The site is being acquired from global real assets investment management firm CBRE Investment Management. The purchase price excludes acquisition costs and will reflect a net initial yield of 5.6 per cent, Supermarket Income REIT plc said. The Tesco store has an unexpired lease term of 14 years.
