GCW acted for Lidl on the acquisition of a 20,000 sq ft store on Green Street, Upton Park. The off-market deal secured the former Peacocks store, allowing the German-owned retailer to continue extending its London store portfolio.
Lidl secured the building on a new, 25-year, FRI lease at an initial rent of £225,000 per annum exclusive - with 12 months’ rent free over the first five years of the term. The retailer will carry out an extensive refurbishment of the former fashion store, including a new roof and service yard extension. Opening is planned for Q2 2022.
GCW has worked with Lidl since 2017, producing strategic reports; identifying acquisition targets across key London Boroughs. The Green Street store was identified as part of this ongoing project and an off-market deal was concluded once vacant possession had been obtained. GCW will continue unearthing opportunities to help the discount supermarket meet its goal of 1,100 UK stores by 2025.
GCW Associate Director, Tim Ashe commented: “We are delighted to have helped bring Lidl to Upton Park. We have extensive knowledge of the London market, and our detailed reports continue to highlight new opportunities. We look forward to converting more of these targets into off-market deals, as Lidl builds its portfolio on a borough-by-borough basis.”