April 2024

374 Grand Drive, Lower Morden

Acting on behalf of Co-operative Food Group Ltd, AGL have successfully assigned the lease of a 4,112 sq ft (382 sq m) former supermarket at 374 Grand Drive, Lower Morden to Pets Corner Ltd, who now trade from over 150 stores across the UK.

January 2024

EYES DOWN!
AGL has advised clients on a series of investment transactions in the Bingo sector in the last month.

A private client of South Street Capital acquired the Buzz Bingo, Ashton-under-Lyme. The lease runs for a further 16 years with annual RPI increases. The price reflected a net initial yield of more than – Doctor’s Orders – 9%.

Completing the card, was the sale for a private UK client of STR Capital Partners of the Club 3000 in Greenock to FCI Properties Ltd. Extending to – Jump & Jive – 35,000 sq ft and with 8 years unexpired, the sale reflected a net initial yield of – Lucky – 7%.

Meanwhile, a UK private client, FCI Properties Ltd acquired the Mecca Bingo at The Forge, Glasgow. With 9 years unexpired, the price of £3.85m reflected a net initial yield of more than – Legs Eleven – 11%.

Jackpot!

April 2023

Christie's Reviews

AGL have successfully documented another 3 rent reviews on behalf of client Christie’s, on galleries at 43 and 44 Duke Street and 5 Ryder Street, St James’s. The review dates were all effective throughout the Covid period and rents

agreed maintain the pre-Covid tone at circa £160.00 per sq ft Zone A

February 2023

NEW OUTDOOR REQUIREMENT

Padel is the Fastest Growing Sport in the UK and PadelStars have Immediate Funding for Expansion

PadelStars will build the courts and pay base rent and/or turnover to landowner
Minimum 4-8 courts / 0.25 - 0.5 acres
Minimum lease term 15 years or long leasehold / freehold opportunities considered
Adjacent existing sports / leisure facilities eg. sports clubs, golf driving ranges, retail / leisure parks
Opportunities sought in Greater London, Home Counties and South East

All Enquires to AGL, Daniel.Berrevoets@agl-london.co.uk

May 2022

Surbiton – New High Street Letting to Pret a Manger

AGL were instructed at the height of Covid to find a solution for a dilapidated and run down retail unit in a prime location on Surbiton High Street and opposite the station.

The building in it’s current configuration didn’t work for most occupiers so we engaged with the Landlord and architects to look to extend the unit and ensure it’s long term viability.

After a number of local and independent brands expressed an interest. Terms were agreed with Pret a Manger in the middle of 2021 and following works by the landlord to extend the property, Pret a Manger are now opening for trade and doing exceptionally well.

Finchley Road
NEW LETTING TO PURE GYM

AGL were instructed by the long lease holder, Sainsburys, to find a solution to a 40,000 sq.ft. former Sainsburys now let to Iceland whose lease was coming to expiry and provide a solution to what could have been a huge income shortfall for the supermarket group.

Rather than go down the traditional retail route, AGL came up with a list of leisure occupiers and after three rounds of best bids, Pure Gym were confirmed as the new occupier - all this happened during Covid.

After a long period of dealing with Camden Council and trying to get the freeholders approvals in place, Pure Gym are now onsite and fitting out in what is to be their largest gym in a London suburbs and will be open in the summer of 2022.

April 2022

New Lettings for

On behalf of Sainsbury's AGL have recently completed new lettings within their non-operational estate.

Bedford

Poundstretcher have taken a new lease of the former 99p Store on All Hallows. The store opened in March 2022.

Reading (Calcot)

Following departure of Next, Sainsbury’s have re-let the 34,000 sq ft adjacent to their store to B&M, who will be opening for trading in May 2022.

Another Brew-tiful Acquisition

Check back soon

Once posts are published, you’ll see them here.

AGL advised a retained family office client on the acquisition of a prime drive thru investment in south east London.

The Starbucks in Belvedere was acquired off-market for £3.0m, reflecting a guaranteed reversionary yield of 4.8%.

The property is located in a prominent position at the entrance to Belvedere Park, a modern mixed-use development within 1/2 mile of Belvedere railway station. It is let to Starbucks for a further 11.2 years with RPI rental increases.