Developer sells roadside retail development in Droitwich
Property developer Hinton Group has sold its interest in Copcut Business Park, Droitwich.
MK2 client St Johns Property High Income Fund snapped up the roadside retail development opportunity - which comprises a supermarket and drive-thru - pre-let to Sainsbury’s and Costa Coffee. The scheme, which fronts Copcut Rise, also includes four electric vehicle charging stations.
Both Sainsbury’s and Costa have agreed 15-year leases, on 4500 sq ft and 1800 sq ft respectively. Total rent will be £265,000 per annum.
The scheme will be built by Hinton Design & Build Ltd. Enabling works are underway, with completion anticipated early 2025.
Mark Rooke, director at MK2, said: “High profile forward-funding opportunities like this don’t come up too often. It’s great to have bagged this for St Johns.”
Richard Bryan, Fund Manager at St Johns, said: “ It’s a great addition to our portfolio.”
Atlas Real Estate advised Bromsgrove-based Hinton Group.
