A new 10 year lease has been agreed by Lothbury Investment Management Limited, on behalf of Lothbury Property Trust, with retailer Sports Direct in Calcot, near Reading.
The 10,079 sq ft Unit 2 at Bath Road, Calcot is one of two long term holdings by the Fund and is located within a large mixed retail park, close to junction 12 of the M4. The new lease generates an income of £250,000 p.a., equivalent to £24.80 psf.
Jamie Gordon, asset manager at Lothbury Investment Management, said: “We are very pleased to have completed a surrender of the previous turnover-based lease and simultaneous grant of a new lease on this unit with our existing tenant, Sports Direct, who have been a tenant since 2005. The unit’s location on a popular and busy retail park generated very strong interest from a number of parties. An improved deal for the Fund was achieved following a round of ‘best bids’, which has demonstrated the strength of this particular holding.”
Other tenants on the retail park include Sainsbury’s, Ikea and McDonald’s. Lothbury is also applying for consent for food use at the neighbouring Unit 1, occupied by Boots.
Edgerly Simpson Howe acted for Lothbury. Sportsdirect.com Retail Ltd was represented by Morgan Williams.
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Lothbury Investment Management Limited is the manager of the Lothbury Property Trust ("LPT") and the Lothbury Global Feeder LP ("LGF") (together, the “Funds”). LPT is a sub-fund of the Lothbury Global Institutional Funds, which is regulated by the Central Bank of Ireland. LGF was established as a limited partnership in Jersey under the Limited Partnerships (Jersey) Law 1994 through the filing of a declaration of limited partnership. The Funds are alternative investment funds (“AIFs”) for the purposes of the Alternative Investment Fund Managers Directive (2011/61/EU) (the “Directive”). LIM has been appointed and acts as alternative investment fund manager (“AIFM”) in respect of the AIFs. For these purposes, LIM is authorised and regulated in the United Kingdom by the Financial Conduct Authority for the purposes of managing unauthorised AIFs (and for various other activities). The Funds are also unregulated collective investment schemes for the purposes of the United Kingdom Financial Services and Markets Act 2000 (the “Act”).
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