Josh White Sharecast News
13 Dec, 2024 15:53 13 Dec, 2024 15:53

Roadside Real Estate JV to acquire Brampton Hut services

dl roadside real estate plc road consumer discretionary travel and leisure travel and leisure hotels and motels aim logo 20240306 1351
Roadside Real EstateSharecast graphic / Josh White

Roadside Real Estate announced that its joint venture with Meadow Real Estate Fund VI LP, Roadside Retail, has signed an agreement to acquire Brampton Hut services at the junction of the A14 and A1 near Huntingdon, Cambridgeshire.

The AIM-traded firm said the acquisition, valued at £4.81m, would be funded from the joint venture's existing cash reserves.

It said the site featured 8,617 square feet of lettable space across six units leased to prominent tenants, including Starbucks, Greggs, Wendy's, Subway, and Burger King.

The property currently generated around £0.35m in annual net operating income for the joint venture.

Additionally, the site included 74 car parking spaces, offering significant potential for electric vehicle (EV) charging infrastructure.

As part of the development plan, Gridserve Electric Hubs would install 10 EV charging points at the site, expected to become operational in the first half of 2025.

On completion, Gridserve would enter into a 20-year index-linked lease to manage the EV charging infrastructure.

To account for the enhanced income from the charging facilities, the joint venture would pay the vendor an additional £0.58m.

“The joint venture has almost deployed £100m in just over 13 months and it looks forward to adding further assets in due course,” said executive chairman Charles Dickson.

“Brampton Hut is a high-quality cluster of ESG-compliant drive thru and ‘Drive2’ units, let to household names at the junction of the A14 and A1, an area recently enhanced by £1.5bn of investment in new road infrastructure.

“The expansion of EV charging infrastructure at the site will serve passing traffic alongside a major transport interchange, providing important amenities that drive footfall at the site and enhance its desirability to tenants.”

Roadside Real Estate said the joint venture had a prospective roadside real estate investment pipeline of more than £150m, which it was confident would attract high-quality nationwide tenants, underpinning reliable, long term income streams.

Reporting by Josh White for Sharecast.com.

contador