Farmfoods has opened its second Southend on Sea store on Eastern Avenue. Client Remet Properties gave GCW a remit to let the 15,000 sq ft former Aldi supermarket and the deal has secured a long lease to a strong covenant.
The unit sits on a busy ring road less than a mile north of the town centre. Since Aldi decided to open a nearby superstore, Remet Properties began its search for a new occupier. GCW began marketing the property which has 76 parking spaces, using its extensive market knowledge to maximise value for the client.
As part of the process, GCW helped draw up plans to split the unit and had offers from the likes of Greggs and British Heart Foundation. Yet Farmfoods had begun trialling larger format stores and on the back of their success saw an opportunity to secure a purpose-built supermarket for its second Southend store.
GCW has secured a rental of £130,000 with fixed increases. The deal is an example of GCW’s ability to fulfil a landlord’s brief and secure long-term occupancy by a well-known retailer. It also demonstrates there is still appetite from occupiers to take properties with the right fundamentals as seen on a 15-year lease with no breaks.
Victor Aptaker, on behalf of Remet Properties, said: “GCW has worked hard to fulfil the brief and the Farmfoods deal offers a strong covenant on a decent length lease. It demonstrates that there is still demand for purpose-built units that meet occupier requirements and attracting a new food store to the site is good news for the town.”