UK property developer Godwin Developments has announced the joint land, lease and investment sale of a roadside retail site in Uttoxeter for just under £2 million, with support from full-service law firm Shakespeare Martineau.

The sale to LondonMetric Property – a FTSE 250 listed real estate investment trust – is the second in as many years between the two businesses, following the May 2020 disposal of a roadside convenience site in Rushden, Northamptonshire.

The deal includes a long lease with independent EV charging infrastructure company The EV Network, which will operate the site once built. The scheme will feature a Starbucks roadside retail store, six ultra-rapid EV charge points (150kW+), 26 parking bays, cycle storage and pedestrian access from the nearby Lidl food store.

Ben Darlow, legal director at Shakespeare Martineau, which acted for Godwin Developments on the transaction, said: “We are delighted to have supported getting this complex deal over the line, which involved multiple transactions occurring within tight deadlines. We have been working with Godwin Developments for more than six years and during this time, we have seen the team deliver impressive schemes across the entire development lifecycle.

The deal facilities electric vehicle charging infrastructure and with a ban on sales of new petrol and diesel cars and vans from 2030, this is becoming increasingly important and sought after on new and modern development sites.

Godwin Developments acquired the site in November 2021 and secured planning permission for a new commercial scheme in July this year, alongside occupier commitment from Starbucks’ drive-thru franchise partner The Magic Bean Company.

Claudine Tracey, associate director of commercial development at Godwin Developments, said: “We’re really pleased to have completed the sale of our commercial scheme at Uttoxeter to LondonMetric. The deal highlights once again our ability to acquire land with attractive fundamentals, our expertise in securing planning consent and end occupiers at pace, and create schemes that offer attractive long income generation potential.

The development site of just under an acre is situated in a highly prominent location just off the A518, next to a newly-opened Lidl supermarket, and benefits from a high daily passing traffic count. Uttoxeter’s main railway station, used by 165,000 people every year, is in close proximity and has a population of nearly 20,000 lives within a three-mile radius.

Stuart Pratt, director and co-founder at Godwin Developments, added: “Another deal with LondonMetric demonstrates the lasting impact of Godwin’s full-scale expertise and unique ability to deliver schemes across the development lifecycle. We look forward to continuing our strategy of securing prominent nationwide sites and adding value for communities, landowners and investors.

CBRE also acted for Godwin Developments on the deal and Atlas Real Estate acted for LondonMetric.

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Published: 4th October 2022
Area: Corporate & Commercial

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