Construction work is now underway on Ludlow’s delayed M&S Food store on Sheet Road, after planning permission was granted in January last year.
Now, the site has been bought by property investment firm Londonmetric Property as part of a £77 milllion deal for five properties across the UK, complete with a long-term lease in place to Marks & Spencer.
In an update to the London Stock Exchange, Londonmetric said it had purchased the 21,000 square feet site for £7.6m, adding that it had been pre-let to M&S on a 15-year lease with five yearly rent reviews, linked to inflation.
The Ludlow site now forms part of the FTSE 100 real estate company’s £7 billion portfolio of assets, which brings in contracted rent of over £400 million each year.