Property developer Hinton Group has sold its interest in Copcut Business Park, Droitwich.
MK2 client St Johns Property High Income Fund snapped up the roadside retail development opportunity – which comprises a supermarket and drive-thru – pre-let to Sainsbury’s and Costa Coffee. The scheme, which fronts Copcut Rise, also includes four electric vehicle charging stations.
Both Sainsbury’s and Costa have agreed 15-year leases, on 4500 sq ft and 1800 sq ft respectively. Total rent will be £265,000 per annum.
The scheme will be built by Hinton Design & Build Ltd. Enabling works are underway, with completion anticipated early 2025.
Mark Rooke, director at MK2, said: “High profile forward-funding opportunities like this don’t come up too often. It’s great to have bagged this for St Johns.”
Richard Bryan, Fund Manager at St Johns, said: “Thanks to Mark Rooke at MK2 for sourcing this off-market opportunity and introducing it to us. It’s a great addition to our portfolio.”
Atlas Real Estate advised Bromsgrove-based Hinton Group.