GCW negotiated the investment in the development of a new 36,500 sq ft Waitrose with a petrol filling station in Helensburgh, Scotland, opening in Autumn 2013. The deal saw its client Marlborough Property Group acquire the property for £11.1 million at a rent of £631,000 pa from developer Drum.
GCW consulted on the investment throughout the project and recommended forward-funding of the entire development. It saw this as a good opportunity to acquire a supermarket investment at a sensible price with strong potential for rental growth.
GCW advised on the initial land price and phased payments during the build period having assessed the development with regard to retailer demand, the lease agreement with Waitrose, the planning background and ground conditions. It recommended the appointment of a project manager and then liaised with him on the project. This helped to limit the risks of the investment, to ensure that the supermarket was built to a high standard, to monitor the project’s progress and to approve payments at the right stages.