Property consultancy Vail Williams has sold a retail premises in Kettering, Northamptonshire, on behalf of the private owner.
Unit 1 at Lake Avenue Retail Centre, 3 Bignal Court, occupied by convenience store Co-op, was acquired by a private property investment company for £685,000.
The 2,797 sq ft premises is leased to Central England Co-operative Limited at a current rent of £43,350 per annum, with a 15-year lease from July 2024.
Ben Duly, an associate at Vail Williams’ South Coast offices, acted on behalf of the seller, a private property investor based on the South Coast and a long-term client of Vail Williams.
He said: “Convenience store investments remain in high demand and we were able to secure a buyer quickly who was attracted by the calibre of the tenant and the long-term lease.
“According to data, the UK convenience store market is expected to increase to £58 billion by 2027 – property owners can see demand increasing.”
Unit 1 is located within Lake Avenue Retail Centre in Kettering; other tenants at the development include takeaways, a beauty salon and The Trading Post pub.
Foot Anstey, a legal firm in Southampton, represented the seller, with Vail Williams as the vendor’s surveyors.
Legal firm Bates Well and surveyors Robert Irving Burns, both based in London, represented the purchaser in the transaction.
The property investment deal is the latest for Vail Williams involving buildings occupied by supermarket retailers.
Others include buying a premises occupied by Tesco in a Bristol suburb for £1.25m and selling one in Trowbridge, Wiltshire, also occupied by Tesco, for just over £700,000.
