The national multi-sector property developer Godwin Developments has announced the joint land, leases and investment sale of a roadside convenience site in Rushden, Northamptonshire to LondonMetric Property, the FTSE 250 listed real estate investment trust (REIT).
The deal, finalised in early May 2020, includes a Euro Garages Limited petrol station and a drive-thru coffee operator, and is set to provide attractive long income to the real estate trust from the outset.
The 1.7-acre Rushden site was secured by Godwin Developments in late 2018, and the business then moved quickly to gain planning permission and blue-chip clients in just under 14 months.
Upon completion of the build, the roadside convenience development will deliver much needed amenities to nearby Rushden residents, a local industrial estate and traffic along the busy A6. The route is the main arterial road connecting Kettering, Wellingborough and Bedford, and is used by approximately 20,000 vehicles daily.
Stuart Pratt, group development director of Godwin Developments, said: “We are delighted to have finalised the sale of this investment to LondonMetric. The deal is a fantastic example of our capabilities to identify and acquire viable sites, obtain planning consent, secure leases to blue-chip tenants and complete sales to long income funds, at pace.
“Despite the recent coronavirus-related challenges we have all faced, a solid effort was made by all parties in this transaction to secure a successful outcome. I would like to thank Franck Steier Price and Shakespeare Martineau for their flexibility and commitment in helping us all get the deal across the line.
“I am also particularly proud of the way our team has adapted to the new remote working conditions; it is tangible proof of our ability to conclude deals and grow, even during a lockdown.”
Will Evers, at LondonMetric Property, added: “We are pleased to have secured this highly desirable roadside convenience site, which will meet the requirement of its occupiers while also delivering attractive and repetitive income for our investors immediately. We believe convenience assets will retain their strong performance in the future, which is why they will continue to feature in our portfolio.”
Ben Darlow, associate at legal firm Shakespeare Martineau, who worked on the transation, also said: “This has been an exciting, fast-paced and complex deal including a range of bespoke legal provisions. It required great communication and a high level of co-ordination between all parties to see the deal over the line and I am delighted to have advised Godwin on another positive result.”
The Rushden roadside convenience site is set to create several full-time new job opportunities when fully operational in addition to approximately 50 temporary roles while the project is being constructed. It is also the latest in a growing number of commercial developments – including retail and leisure, neighbourhood centres and roadside retail schemes – delivered by Godwin across the UK.