Chester-based District Estates has let a former G4S cash handling facility on Bumpers Lane to Aldi in a deal that will enable the expansion of the retailer’s adjacent store.
Aldi will demolish the existing buildings at the G4S site and its existing 13,600 sq ft store, to be replaced with an 18,000 sq ft store and 110 parking spaces, up from the current provision of 77 spaces. The site in total is 0.75 acres.
Ian Davies, investment director at District Estates, said:
Completing the long term letting of our Bumpers Lane site has allowed Aldi to grow their business without the need for outright relocation and reinforces our original decision to acquire the asset in 2008.
Legat Owen advised District Estates on the original purchase of the long leasehold investment, the subsequent acquisition of the freehold interest and the letting to Aldi, which has followed swiftly from October’s granting of consent by Cheshire West & Chester Council. The terms of the lease have not been disclosed.
Stephen Wade, director at Legat Owen, said:
We were aware of Aldi’s desire to drive store expansions and that the previous tenant’s lease was close to expiry, so it was a logical step to promote the idea to Aldi. Once they reviewed the potential opportunity Aldi moved quickly to secure the site and obtain the necessary planning approval.
District Estates have again demonstrated their ability to add significant asset value through strategic management of their portfolio.
Aldi, which was last month refused permission by Cheshire East for a store relocation project in Crewe, was advised by Lamb & Swift on the deal, while JLL had provided planning advice on its application to extend. The Harris Partnership is the scheme’s architect.