Wednesday, October 19, 2023
Tesco Metro to expand in Sheffield
Lambert Smith Hampton has undertaken a deal that will see Tesco Metro expand by thirty per cent on Ecclesall Road in Sheffield.
The site, which includes the current supermarket and a parade of shops, is owned by Henderson UK Property Fund. LSH was appointed to oversee the management of the site in a bid to increase the value of this investment.
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Tony Howlings, Asset Manager from LSH's Sheffield office, explains: "Henderson's fund was keen to see how the site could be actively managed in a bid to increase the investment made by its clients.
"The site had three vacant units on the parade. I therefore liaised with Tesco, which was thriving on the Berkeley Centre site, to see if expansion opportunities might be feasible.
"When these negotiations proved successful, we organised the surrender of Tesco's £105,000 per annum lease and the surrender of Marie Curie's lease subject to relocation to a vacant unit, to make Tesco's expansion feasible.
Tony concludes: "This is a prime case highlighting the value that an entrepreneurial property management team can have on an investment. We saw and acted upon an opportunity that not only benefits our client, but improves this suburban retail offering in South West Sheffield."
The site, which includes the current supermarket and a parade of shops, is owned by Henderson UK Property Fund. LSH was appointed to oversee the management of the site in a bid to increase the value of this investment.
Tony Howlings, Asset Manager from LSH's Sheffield office, explains: "Henderson's fund was keen to see how the site could be actively managed in a bid to increase the investment made by its clients.
"The site had three vacant units on the parade. I therefore liaised with Tesco, which was thriving on the Berkeley Centre site, to see if expansion opportunities might be feasible.
"When these negotiations proved successful, we organised the surrender of Tesco's £105,000 per annum lease and the surrender of Marie Curie's lease subject to relocation to a vacant unit, to make Tesco's expansion feasible.
Tony concludes: "This is a prime case highlighting the value that an entrepreneurial property management team can have on an investment. We saw and acted upon an opportunity that not only benefits our client, but improves this suburban retail offering in South West Sheffield."
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