At the time of the acquisition of the park, Kout Capital’s management team identified a potential to add a new building to the car park facing the main road that would attract additional footfall and increase the asset’s appeal to the wider investment market. In late December 2018, an Agreement to Lease and Lease were agreed with Costa Coffee subject to planning consent. Kout Capital retained a planning consultant to make an application to allow for the construction; consent was granted on January 21, 2019. After a competitive tender process, MSC Group contractors where subsequently appointed and began construction of the site in early July 2019.
The drive-thru coffee unit officially opened to the public in early December 2019 and Costa Coffee’s lease commenced on November 4, 2019. Management believes that the completed unit, with the benefit of Costa Coffee, increases the value of the overall investment, benefitting shareholder value.