Developer offloads four retail sites worth £15m
Manchester developer, Northhold Group, has sold four properties, with a total value of around £15m.
The retail assets have been sold to KFIM Long Income Property Unit Trust.
They comprise a convenience store in Reading, a petrol fuelling station and convenience store in Northamptonshire, Gnosall Service Station in Staffordshire, and a new convenience store in Steeple Claydon, Buckinghamshire.
All four are occupied by Co-op Group Food, representing strong income generating investments for KFIM.
Demand for convenience stores has boomed since 2020 and Northhold Group benefits from a strong track record in the sector, successfully delivering developments across the UK.
Growth in the convenience sector is expected to continue into 2022, with predicted growth of 13.2%.
Vanessa Warbrick, development director at Northhold Group, said: “The convenience market has been a key focus for us for several years and has continued to see strong growth – I’ve no doubt the four stores will perform well and will prove a successful investment for KFIM.”
Manchester’s JMW Solicitors’ real estate team advised Northhold Group on the sale. Thomas Pearson, real estate partner at JMW Solicitors, said: “Northhold Group has built a strong track record within the convenience sector, underpinned by quality and knowledge of the market – we’re pleased to have been able to support them in getting these latest deals over the line.”
Northhold Group is a privately-owned multi-asset investment company focusing on property investment and development, with a strong construction and housebuilding presence.
It has developed a specialism for convenience stores in recent years, but is also under way with a series of residential projects, including Deluna in Manchester’s popular Ancoats neighbourhood.
Thomas Pearson, Simon Maddox and Will Garnett of JMW Solicitors advised the vendor, while Gowling WLG supported the buyer.
Alexander James Automotive acted as agent for KFIM, while Mark Powell of PK3 Agency advised Northhold Group.
