Project
Eddisons was appointed to act on behalf of Temple Garth, a joint venture between Castle Square Developments and The Lindum Group, in acquiring and assembling approximately 3 acres of land from Associated British Foods and The Lincolnshire Co-operative.
As part of this transaction, an element of the site was sold to Lidl for a food store. Eddisons’ commercial property agency team was then tasked with securing national brand occupiers for the remaining retail park units, with a view to achieving full occupancy and maximising the investment value ahead of a forward sale.
Approach
Following the land acquisition, the team, based in Lincoln, created and implemented a targeted marketing strategy. Leveraging their national and regional retail contacts, they identified strong demand for retail warehousing in this area.
Eddisons secured:
- B&M Bargains as anchor tenant (22,000 sq ft including garden centre)
- JYSK (7,000 sq ft)
- Sue Ryder (5,000 sq ft)
The team ensured that all tenant covenants met the developer’s requirements. Lease terms were carefully structured to support a forward sale strategy upon practical completion. The firm also project-managed the development alongside construction partner Lindum Group.
Results
All three tenants were signed on Agreements for Lease ahead of construction completion. With planning permission secured and development delivered on schedule, the retail park was forward sold to a Local Authority investor.
Since its opening in early 2019, the retail park has traded exceptionally well. The project achieved the required financial return for the developer, and Eddisons has since been retained to manage the asset.
The firm’s deep knowledge of the retail market and investment sector enabled the team to capitalise on a timely market opportunity, delivering a successful outcome for all stakeholders.
