10 March 2010

Purchase of 70,000 sq ft retail space

Forsters acts for LXB Retail on debut purchase

Forsters has acted for AIM listed LXB Retail on its first acquisition.

The group, which floated in October last year with an initial offering of £110m, has purchased the long leasehold interest of two existing retail assets and a development site in Greenwich for £18.25m from private family businesses.  The two properties are adjacent to each other and situated on Bugsby's Way opposite an ASDA foodstore and a fashion park.

The existing retail assets comprise circa 70,000 sq ft of space let on short  term leases to Matalan and Lidl.  Both properties benefit from unrestricted retail consent.  The adjacent development site has planning consent for 27,500 sq ft of "bulky goods" retail space.  The aggregate current passing rent is £985,000 at an average rent of around £14.60 per sq ft.

LXB Retail plans to incorporate the development site into the existing retail to provide approximately 100,000 sq ft of modern retail space.

Forsters commercial property partner Eugene McMahon led the acquisition team, assisted by Chris Ogle.

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