Following on from an established property acquisition and development programme centred on Wokingham town centre, Wokingham Borough Council has secured its first major acquisition in Twyford for £14.87m (4.25% NIY).
The Council has acquired the Waitrose on London Road in Twyford, which is secured to Waitrose Ltd on a 20 year lease with 2% fixed annual increases. The asset sits on a unique 2.6 acre site in the heart of the town centre. The transaction was one of a number of recent sales and leasebacks on Waitrose stores in the South.
Lunson Mitchenall acted for Wokingham Borough Council and CBRE acted for the seller.
James Cogavin, investment director at Lunson Mitchenall, commented: “The asset sits on an important 2.6 acre site in Twyford, which gives the Council regeneration options in the future. The opening of Crossrail in Twyford will be a “game changer” for the town and it may open up the centre to interesting possibilities in the future for mixed use development.”
Damon Emes, head of investment for Wokingham Borough Council, added: “The attraction of this purchase for the Council is twofold. The addition of this asset to our steadily expanding investment portfolio will provide the Council a predictable source of safe income, which can be used to fund local services for many years to come. More importantly, it demonstrates the Council’s commitment to longer term opportunities throughout the borough.”