Kettering Tesco sold for £52m

Kettering Tesco Extra.
Kettering Tesco Extra.

Kettering’s Tesco Extra has been sold for £52m - but it will remain as a superstore.

The foodstore and petrol filling station in Carina Road, previously owned by Aviva Investors, has been sold to Legal & General Investment Management.

Legal & General Investment Management owns the Grosvenor Centre in Northampton and opposed the Rushden Lakes development.

Fund manager at Legal & General Matt Jarvis said: “The Tesco Extra store in Kettering is purchased as a long-term hold for us.

“The store attracts a strong customer base and footfall and, as such, is an attractive acquisition for us.

“It will continue to operate as a Tesco Extra.”

The 100,000 sq ft 24-hour store, which originally formed part of Tesco’s sale and leaseback portfolio, underwent a major refurbishment in 2009 which included an extension to the car park and an increase in sales floor space and storage areas.

It currently employs hundreds of staff in the local area.

Colliers International’s head of retail capital markets James Watson said: “The market for prime retail food stores has accelerated in H2.

“We’ve seen a significant uptick in transactional activity in line with a wider trend from investors for securing long dated income.

“Interestingly this deal also highlights the return of institutional money to the large store market after a relatively quiet 2016.”