The formation of the JV with Meadow Partners LLP creates a well-capitalised vehicle capable of rapidly deploying investment in target assets.
The JV will focus on acquiring sites in line with the Roadside’s strategy and intends to create a modern portfolio worth over £250 million through acquisition, asset management and development, including opportunities across the portfolio for electric vehicle charging infrastructure.
The JV’s current portfolio comprises:
The Lidl Portfolio, Nationwide
Lidl Great Britain Limited sold 12 stores to the JV which will be completed by February 2025. The new stores will be on 25-year leases with annual indexation with a fixed rent commencement date of 1 March 2025. The stores, all between 20,000 and 25,000 square feet are evenly spread across the UK and will add to Lidl’s existing estate, as it continues to be the fastest growing supermarket in the UK. The Lidl Portfolio’s stores are located in Northampton, Reading, Bristol, Hull, Saffron Walden, Downham Market, Manchester, Alexandria, Birmingham, Crediton, Bovey Tracey and Redcar.
Etruria Mills, Stoke
Development of 15,489 sq ft commercial scheme with 239 car parking spaces fronting on to the A53 and A5010
The 2.8 acre site is 100% let with a WAULT of 11 years with tenants comprising Wagamama, Nandos, TGI and a Costa Coffee Drive Thru.
Terms have been agreed for an EV charging hub.
The site has 13% site cover and has several asset management opportunities to drive returns.
Austin Drive, Coventry
An 8.25 acre site that features a 72,091 sq. ft. purpose-built former Sainsbury’s food store with a vehicle filling station and a 407-space customer car park.
A highly prominent position fronting onto the A444, with surrounding occupiers including The Range and Selco; and
The site offers potential for redevelopment into a new roadside scheme with an EV charging hub and optionality at the rear of the property for retail or other use, including ‘last mile’ logistics.
Forton Road, Gosport
A 12,540 sq ft. unit let to Farmfoods Limited on a lease that has approximately 14 years remaining with open market reviews and no breaks.
A 0.42 acre plot adjacent to the Farmfoods unit offers the potential to develop a new Drive Thru unit with EV charging bays.
Brampton Hut, Huntingdon
Lettable space of 8,617 sq ft across six units leased to Starbucks, Greggs, Wendy’s, Subway and Burger King, providing approximately £0.35 million of net operating income to the JV annually.
74 car parking spaces, offering ample scope for EV charging infrastructure.