A deal has been completed that will see leading grocery retailer Sainsbury’s extend its existing store in Wandsworth, London, it was confirmed today.
The 79,000 sq ft outlet was owned in a joint partnership between the retailer and property company Land Securities, called The Harvest Limited Partnership, but has now been sold to real estate investment manager PRUPIM for £51 million.
PRUPIM, acting on behalf of M&G Secured Property Income Fund, intends to add 28,000 sq ft to the supermarket, along with creating a Premier Inn and an additional 21,000 sq ft retail unit on the site.
Trading at the Sainsbury’s outlet will remain open during the construction period, with the retail builds expected to be completed by March 2013 and the hotel to follow in August of that year.
The finished superstore will become the latest +100,000 sq ft opened by the grocer, as part of its ambitious expansion plans, after it opened its biggest ever UK store in September last year in Crayford in Bexley.
Sainsbury’s has also confirmed today that by next year it plans to run all of its Scottish stores and regional depots using local renewable energy.
At present Sainsbury’s generates enough renewable energy to power around half of its Scottish operations and has just secured a deal to purchase all of the energy created from a new wind farm set to be built.
Mike Coupe, Sainsbury’s Group Commercial Director, comments: “We have a long history of investing in renewables, particularly in Scotland.
“Now, our investment is such that we will soon be able to say that we generate enough to offset all of the power used by our Scottish operations. This is a great achievement, and one that will have a significant impact on our carbon footprint.”