Henley, the global private equity real estate investor, and real estate investment company Aprirose have sold the freehold interest in a Tesco Extra supermarket in Corby, Northamptonshire to a private investor with a quote price of £47 million, despite an uncertain market.
The 113,332 sq ft property is let to Tesco with 19 years remaining on the lease at a rent of just over £2,550,000 per annum. The site benefits from a 714-space car park and petrol filling station, also let to Tesco.
Situated just to the east of Corby town centre, the strategic ‘gateway site’ is extremely well connected, being within easy reach of the major road network (A427) and Corby train station. Corby has also been named by the Office for National Statistics (ONS) as the fastest growing borough outside London, with its population expected to surge by 17 per cent by 2024.
Henley and Aprirose bought the supermarket in 2013, shortly after it was constructed.
Ian Rickwood, CEO of Henley commented: “This sale represents the joint business plan for this property being realised, despite the market uncertainty bought about by COVID-19. Our strategy of opting for solid credit tenants on income producing deals has enabled a good exit and this remains our focus for future acquisitions in the current environment, with Henley being well-positioned to maximise investment opportunities that arise in the future.”
Manish Gudka, CEO of Aprirose, said: “We are pleased to have closed this deal, achieving our strategic goals for this asset. We continue to look for a diverse array of investment prospects throughout the UK to enhance our portfolio. Whilst the second quarter was a quieter period for most, we have continued to seek the best opportunities for our business and its investors.”
Knight Frank acted on behalf of Henley and Aprirose in relation to the sale.