Knight Frank Investment Management (KFIM) has acquired the new M&S Foodhall in Exmouth, Devon, for £4.89m.
The off-market deal was agreed earlier this year, as a forward commitment, while the store was under construction. It was acquired for KFIM’s Long Income Property Unit Trust which launched in February 2016 with a £300m+ capital raise.
M&S opened the new Foodhall last month on the site of the former bus station in Royal Avenue. The development was completed to the tenant’s specification as per the agreement for lease and extends to 11,000 sq ft GIA with 61 parking spaces and a 24-seat café.
The lease is for a 20-year term, with a 15-year break, at a commencing rent of £22.50 per sq ft.
Prime Retail advised KFIM.