Developer completes sale of Stoke roadside scheme
Godwin Developments has completed the investment sale of a purpose-built drive thru and drive to roadside retail development for coffee chain Costa Coffee and UK bakery giant Greggs to a private investor in a multimillion-pound deal.
The scheme is located next to the busy A50 Baths Road in Stoke-on-Trent and features six EV charging points operated by The EV Network.
Godwin Developments acquired the site in September 2020, identifying the potential of a prime roadside location which benefits from 60,000 daily passing traffic, large consumer catchment area and proximity to the well-established Phoenix Retail Park.
Within 15 months, the business had designed the scheme, secured planning and both tenants, and reached practical completion.
The development was fully occupied in December 2021.
The drive thru unit on-site, measuring 1,800 sq. ft, was pre-let to Costa Coffee within a month of the acquisition, with the second unit of 1,162 sq. ft. subsequently let to Greggs to operate as a drive to store with the inclusion of outdoor seating.
Robert Birch, development director at Godwin Developments, said: “We are pleased to have executed the sale of this asset which illustrates the value created through our land acquisition and development programme, which on this site took just over a year to complete. The sale of the asset supports our strategy of buying very well-located sites across the country and close to key infrastructure and consumer retail demand – a strategy which has delivered value growth and resilience through the cycle. We continue to look for similar opportunities to deploy our capital.”
