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Evolve Estates sells Staffordshire Asda store to charity

Evolve Estates has sold an Asda store at the Carters Square retail park in Uttoxeter, Staffordshire, for £5.6m, 5% up on the asking price.

Ormiston Trust, a London-based charity, bought the 31,266 sq ft store, including a 165-space car park. It was first marketed by Cited Property in April this year, targeting offers over £5.3m.

The food store and car park are let on two separate leases to Asda for a term of 30 years with no breaks until March 2044, generating a passing rent of £381,702 per annum.

Evolve Estates acquired the 68,241 sq ft Carters Square retail park in March this year. Other tenants include Home Bargains, Barnardo’s and a local GP surgery.

Ormiston Trust was advised by Saxondale Properties.

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