Eagle Land identified a strategy for improving the asset value of a Focus DIY store in Torquay. Working in partnership with Aviva Investors on behalf of the Fund owning the site, Eagle Land were able to identify, pursue and secure a Certificate of Lawful Use for 41,000 sq ft of Open A1 Retail on the site, which was being used as a 32,500 sq ft DIY store with 8,500 sq ft Garden Centre.
Eagle Land subsequently offered the property to the food store market and generated significant occupier competition. A letting to ASDA Stores Limited for a term of 25 years on FRI terms was agreed at a rent equating to £23 psf with geared uplifts at rent review throughout the term.
Terms for a surrender of the Focus DIY lease were initially agreed with the retailer and finalised with the administrators of the business with a premium secured for the Fund.
The new ASDA food store opened in October 2011.