January 10, 2011
UK Commercial Property Holdings, the fund managed by Ignis Real Estate, advised by Kitchen La Frenais Morgan, has let Unit 1 134-138 North Street, Brighton to Sainsburys.
Following competitive bidding in the food sector for the 5,000 sq ft unit, formerly owned by The Outdoor Group, Sainsburys has entered into a new 15 year full repairing and insuring lease, with five-yearly upward-only rent reviews, at a rent of £190,000 pa.
James Andrews of KLM said: “Demand for the unit was strong because of the clean nature of the floor space, which few other buildings can offer in this busy location. Whilst competition was fierce, Sainsburys moved quickly and concluded legal documentation in a matter of days.”
This is one of two acquisitions that Sainsburys has concluded in Brighton at the same time, the other being on Carden Avenue.
Jones Lang LaSalle acted for The Outdoor Group and Ignis Real Estate was represented by Kitchen La Frenais Morgan. Sainsburys was self represented.