Smith Price, acting on behalf of Trespass, have negotiated the acquisition of a new store at 20 High Street, Canterbury. 

Smith Price RRG acting on behalf of CCLA and The Local Authorities Mutual Investment Trust have acquired the Sainsbury’s Supermarket on Friar Street, Reading from Savills acting for Aviva and JP Morgan at £10.8m. Sainsbury’s have occupied the building since 1963 and recently signed a new lease which will not expire until 2038. The investment provides the client with an attractive long income, whilst the property will benefit from the regeneration of the area following the “Station Hill Development” that surrounds the property and which is due to begin shortly.

Smith Price and Reid Rose Gregory have announced they are merging to create a significant specialist player in the retail, leisure and investment sectors.  Both businesses have a track record of success stretching back over 30 years with, not only a strong landlord and investment portfolio, but in particular, representation of a roster of leading retail brands still on the acquisition trail.

The new agency will be called Smith Price RRG and as well as welcoming Bargain Buys/Poundstretcher as a new client, who are seeking some 60 new stores in 2019, it will continue to represent the likes of Specsavers, Caffé Nero, The Entertainer, Molton Brown, Seasalt, Bravissimo and Brighthouse amongst a portfolio of blue-chip retail and leisure businesses.

The business will offer the full spectrum of commercial property advice including, but not limited to, new store acquisitons and disposals, leasing and lease advisory, as well as investment and asset management advice.

As part of the merger the Syndicated Property Investment side will be expanded to encompass a larger and more comprehensive investor platform.  The Out of Town team will continue to advise Landlords on retail parks and solus units throughout the country on leasing, lease advisory, asset management and development, and is continuing to seek new opportunities.

The experienced Investment team will continue to advise a wide range of Institutional, Property Company, Private and overseas Investors on all aspects of acquisitions and disposals, and provide a comprehensive asset management service.

The new Smith Price RRG team will be 21 strong based in Smith Price’s existing London’s West End office at 5-7 John Princes Street and in RRG's existing Manchester City Centre offices.

Commenting on the merger John Mortimer of Smith Price said: “The combination and integration of our joint retailer and landlord skills in complementary markets will enable us to deliver hugely experienced market leading real estate advice to all our clients."

Anthony Rose of Reid Rose Gregory added: “The merger will realise the synergy between our firms and consolidate our position in the market, while providing the opportunity to deliver further growth as we enhance the service and advice we offer to an increased portfolio of clients."

Further details including the new management structure and key roles will be announced when the merger is complete.

Acting on behalf of the landlord, LDIC Group Limited, Smith Price have sold the freehold investment in 15 East Street, Taunton for £1,315,000.  The tenant, Lakeland Limited, occupy the premises on a 10 year lease from 30 October 2012 at a rent of £100,000 per annum.  

On behalf of Pitch Properties, Smith Price have let 1-5 Church Street, Enfield to Santander on a new 15 year lease at £145,000 per annum subject to 9 months rent free.