Martin’s Properties has completed the first phase of its asset management strategy at Bognor Regis Retail Park, with the completion of two lease renewals.
KFC has signed a new lease on its 2,567 sq ft Drive Thru Pod – Unit 6. The 15-year reversionary lease secures a 37% rent increase from £75,225 pa (£28.15 per sq ft) to £102,680 pa (£40 per sq ft). Dreams has also renewed its lease on Unit 4 which totals 5,006 sq ft at a passing rent of £88,000 pa (£17.58 per sq ft).
The 83,982 sq ft retail warehouse scheme was purchased by Martin’s Properties in October 2025 with the in-house acquisition and asset management teams identifying both short-term and longer-term value add opportunities. Fully let to Home Bargains, The Food Warehouse, Matalan, Halfords, Dreams and KFC, the investment has already seen over £100,000 pa of income added since purchase.
Brook Stotesbury, Head of Commercial Asset Management and Investment at Martin’s Properties, comments: “As one of only two out-of-town retail schemes in the area, with the surrounding residential area growing rapidly, we acquired this with strong opportunity for generating rental growth through active asset management. Using our in-house team, we are pleased to have completed these lease renewals ahead of acquisition assumptions, delivering an improved AWULT, rental increase and valuation uplift.”
Richard Bourne, CEO at Martin’s Properties, comments: “This is a great example of our active asset management capabilities and part of the ongoing strategy to restructure our existing £115m regional investment portfolio with a focus on retail warehouse and industrial estates across the South of England, as well as a multi sector portfolio in Oxfordshire. All assets in the portfolio are in prime or growing locations and capitalise on occupational supply/demand imbalance and continued inward investment into the sector, local area and economy.”
The Martin’s Properties portfolio also includes a £250m prime Chelsea mixed use investment portfolio, development of its Cactus Self Storage portfolio across the South and South West of England using £35m of capital and Obsidian land promotion business.
Martin’s Properties is a dynamic family-owned business with assets of approximately £400m. The team’s depth of expertise across investment, asset management, finance, development and operations spans many sectors and covers the whole lifecycle of buildings and real estate. As a responsible investor, Martin’s Properties creates and manages sustainable buildings that positively impact local communities, businesses and stakeholders, delivering both strong returns and exemplary customer service.