TIME:Commercial Long Income has completed the purchase of a freehold asset with a long lease to M&S in Cowes, Isle of Wight. The fund purchased the supermarket in June 2018 for the purchase price of £3.94 million for a 17 year lease.
The tenant, M&S Plc is a retailer with a great heritage and loyal customers. M&S operate in food, clothing, home and other retail businesses using the M&S own‑brand model. Although primarily based in the UK, M&S sell into 57 countries from 1,463 stores and online around the world, employing 81,000 colleagues serving about 32 million customers.
The Terminus Road store, Cowes, under the M&S Simply Food brand, offers 4,000 food and drink lines which include M&S’s popular Tastes of the British Isles food range and a 24 seat café. The store is in the top quartile of performers for M&S due to a number of barriers to entry in the supermarket sector in the region.