Acting on behalf of Threadneedle, the property arm of Zurich Assurance, real estate company Cushman & Wakefield has sold Humberstone Road retail park in the centre of Leicester for over £4m to German supermarket firm Lidl.
The sale of the three units, totalling 33,000 sq ft of space, occurred because Lidl were interested in taking over one of the units at the retail park, which had been vacant for a number of years.
However, Rob Alston, retail partner at Cushman & Wakefield, said it was the German firm’s policy to buy their properties, rather than rent, so they opted to put in an offer for the whole of the development.
The other two units at the retail park are occupied by Staples (13,000 sq ft) and Maplin (3,000 sq ft), who will now become tenants of Lidl.
Lidl will now refurbish the remaining unit (17,000 sq ft) and other parts of the development, such as the car park.
Rob Alston said: “The larger unit has been empty since it was vacated by DIY retailer Glynwebb some years ago and a number of deals to let it have fallen through for various reasons.
“Then, slightly out-of-the-blue, Lidl made their approach and bought the retail park in its entirety. It’s excellent news all round, and will create a number of jobs when their new store opens.”
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