10 July 2010

Purchase of two retail sites, Greenwich

Forsters acts for LXB Retail on further Greenwich purchase 

Forsters has acted for LXB Retail on its purchase of two further retail sites in Greenwich, SE10.

LXB has paid in excess of £21m for the sites which are adjacent to the Bugsby's Way Retail Park which LXB bought earlier this year.  Forsters also acted on that acquisition.  The new properties provide an annual rent of £585,000.

The first of the new sites comprises a primarily vacant plot which has planning permission for approximately 45,000 sq ft of unrestricted retail use, 72,000 sq ft of light industrial space and 20 homes.

The second comprises an existing 36,750 sq ft retail warehouse let to Wickes for a further ten years. The property has the benefit of open A1 "non-food" planning permission.

The two latest purchases mean that more than 85% of the net funds raised when LXB launched on the stock exchange in late 2009 have now been invested.

Forsters' commercial property partner, Eugene McMahon, acted on the acquisitions assisted by Chris Ogle.

The sellers, Schroder Exempt Property Unit Trust, were represented by Susan Bennett of Wragge & Co.

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