St Johns Property High Income Fund has acquired a roadside retail development site from Hinton Group at Copcut Business Park, Droitwich, for an undisclosed price.
The site, which comprises a 4,500 sq ft supermarket and a 1,800 sq ft drive-thru, pre-let to Sainsbury’s and Costa Coffee on 15-year leases, also includes four electric vehicle charging stations. The units will generate annual rental income of £265,000 per annum.
Richard Bryan, fund manager at St Johns, said: “Thanks to Mark Rooke at MK2 for sourcing this off-market opportunity and introducing it to us. It’s a great addition to our portfolio.”
Mark Rooke, director at MK2, added: “High profile forward-funding opportunities like this don’t come up too often. It’s great to have bagged this for St Johns.”
Enabling works are underway, with completion anticipated in early 2025. The scheme will be built by Hinton Design & Build.
Atlas Real Estate advised Hinton Group on the deal.
