Acting on behalf of a private client, Stratton Creber Commercial has just completed the sale of an industrial site to Aldi Stores Limited for redevelopment of their adjoining supermarket.
452 Pinhoe Road is an 8,000 square foot industrial building adjoining an existing Aldi store in a prominent location on the north eastern edge of Exeter. The area has seen some of the most extensive developments in the city in recent years, and the site is opposite the Pinhoe Hoard pub and a McCarthy & Stone development, both built in recent years.
The adjoining Aldi store is a high-performing supermarket but the building is not a purpose-built supermarket and the car parking is inadequate. Aldi have obtained planning consent for demolition of both the current store and the adjoining industrial unit and construction of a larger store with more parking.
Jonathan Ling, who acted on behalf of the vendor, says: “This complex deal, which was subject to planning, also involved the surrender of our client’s long leasehold interest, with the simultaneous grant of a new long lease to Aldi, and also by the fact that our client retained a part of the site.”
Demolition is due to commence shortly.