Buccleuch grows with Sainsbury's store deals

A property firm has expanded with a £5.6 million deal.

Buccleuch Property has bought three Sainsbury’s Local stores in Colchester, Lewisham and Telford.

Bosses say the triple agreement will allow the firm to “take on more risk in other investments”.

They add the buildings, which range from 3337sq ft to 4359sq ft, have been leased to the supermarket for a 15-year term with indexed rent reviews.

Philip Eves, of Edinburgh-based Buccleuch Property, said: “These properties are a great addition to our portfolio.

“The reliable, long-term income stream with indexation from a fantastic tenant allows us to take on more risk in other investments, and the geographical spread of these properties fits well with our target investment locations.

“The demand for convenience food stores is extremely strong, so we are delighted with the result.”

Griff Lewis, at real estate firm Cushman & Wakefield, and Liz Evans, at law firm Womble Bond Dickinson, acted for Buccleuch Property.

Josh Roberts, of real estate consultancy Knight Frank, represented the vendor.

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