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LONDON - NewRiver REIT plc has announced a significant new lease agreement with supermarket giant Sainsbury (LON:SBRY)’s, marking the introduction of the first Sainsbury’s store in Dumfries, Scotland. The agreement involves a 15-year lease for a 48,100 square foot unit at Cuckoo Bridge Retail Park, a site previously occupied by Homebase.
The new lease terms are notably favorable for NewRiver, with Sainsbury’s agreeing to a rent that is 60% higher than both the previous Homebase rent and the valuer’s estimated rental value (ERV). This deal underscores the robust demand for NewRiver’s retail park portfolio and indicates confidence in the UK retail market’s vitality and the importance of physical stores for omni-channel retail operations.
Sainsbury’s has submitted a change of use application to Dumfries and Galloway Council, and pending approval, the new store is expected to open in early 2026. The launch of this supermarket is set to create a significant number of new jobs, with plans to employ at least 100 staff members.
NewRiver, which specializes in resilient retail assets throughout the UK, owns 13 retail parks and manages an additional 18 on behalf of capital partners. The company acquired Cuckoo Bridge Retail Park in June 2016 and fully owns the property.
The introduction of Sainsbury’s to Dumfries is part of the supermarket’s broader expansion in Scotland, which has already seen three new Sainsbury’s stores open in 2025. The new store will feature a high-quality, affordable grocery selection, complementing the existing retail mix at Cuckoo Bridge Retail Park, which includes B&M, Dunelm, Food Warehouse, Costa Coffee, and a Next (LON:NXT) click & collect pod.
Allan Lockhart, CEO of NewRiver, expressed enthusiasm for the partnership with Sainsbury’s and the positive implications for the local community and job market. Patrick Dunne, Sainsbury’s Chief Property and Procurement Officer, highlighted the company’s commitment to expanding its food offerings to more customers and the anticipation of a successful new supermarket in Dumfries.
This information is based on a press release statement from NewRiver REIT plc.
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