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Euro Garages takes lease on petrol station and drive-thru unit

John Wood ·
EG site
An impression of how the site is expected to look
  (Photo:  )

Euro Garages has agreed to lease a petrol filling station and drive-thru unit being developed in Northamptonshire.

The roadside convenience site in Rushden will provide amenities to Rushden residents, a local industrial estate and traffic along the A6. The route is the main arterial road connecting Kettering, Wellingborough and Bedford, and is used by approximately 20,000 vehicles a day.

The scheme is being developed by Godwin Developments, which announced the joint leasehold deal and investment sale of site to LondonMetric Property, a FTSE 250 listed real estate investment trust (REIT).

The 1.7-acre Rushden site was secured by Godwin Developments in late 2018, and the business then secured planning permission and concluded the leasehold and investment sale in just under 14 months.

Stuart Pratt, group development director of Godwin Developments, said: “We are delighted to have finalised the sale of this investment to LondonMetric. The deal is a fantastic example of our capabilities to identify and acquire viable sites, obtain planning consent, secure leases to blue-chip tenants and complete sales to long income funds, at pace.

“I am also particularly proud of the way our team has adapted to the new remote working conditions; it is tangible proof of our ability to conclude deals and grow even during a lockdown.”

Will Evers, at LondonMetric Property, added: “We are pleased to have secured this highly desirable roadside convenience site, which will meet the requirement of its occupiers while also delivering attractive and repetitive income for our investors immediately. We believe convenience assets will retain their strong performance in the future, which is why they will continue to feature in our portfolio.”

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