LANGEMUNT 55 – 57, GHENT
Tenant: Panos (Deli NV)
Floors: Commercial : Groundfloor and First Floor : 143m2 + 112 m2
Ancillary Space : Basement, 2nd : 120 m2 + 107 m2
Rent: Base Annual Rent : €160.000
Duration: 01/11/2019 – 31/10/2028
Additionally, the attic (3d floor – 37 m2) has been let to Telcom operator Orange, who operates a signal amplifier (not an antenna) from there. Their annual rent amounts to 4.000 €.
Operation: Acquisition of the shares of LMD SA
LMD SA, a Specially Intended Vehicle (SPIV) created specifically for this project, has purchased the above properties, and obtained a building permit to unite both premises into one commercial property, whereby ground floor and first floor are destined for retail and the ancillary spaces will be used for the specific needs of the tenant, i.e. full kitchen, fridges and bake-off facilities, as well as storage, and personnel dedicated facilities.
The tenant, Panos (www.panos.be) belongs to the La Lorraine bakery group (www.llbg.com) and is the market leader in prepared sandwiches and other related bakery products, with over 250 locations in Belgium. It further has stores in The Netherlands, Czech Republic, Poland, Slovakia, Taiwan, and the U.A.E.
The transformation and unification of both buildings were done in full cooperation and intelligence with the tenant and their technical and design teams.
LMD SA has delivered the premises in ‘core-shell plus’ condition, and tenant is currently fitting out the premises, including the installation of a service elevator, and a fully operational kitchen (freezer, fridges, oven, etc…).
Although the premises will be operated by a franchisee, it is the franchisor (Deli NV, a wholly-owned subsidiary of the La Lorraine Bakery Group) who is the tenant and the guarantor.
Panos was absolutely adamant to secure this location (opposite Primark on the busiest pedestrian shopping street of Ghent), given their excellent experiences whenever they are located in Primark’s vicinity.
Furthermore, this location, in the heart of the historic part of town has the tremendous advantage of a waterfront location, enhancing the ‘on location’ experience in no small way.
These works started on August 5, 2019 and the handover to the tenant took place on October 31, with the lease effectively starting on November 1, 2019. All works have been undertaken in agreement and under supervision of the historic and preservation department of the City of Ghent. Under their approval, both front and rear façades have been fully renovated, as well as all roofs, windows, shopfront and front and back doors. Both properties were united into one effective retail space, of which ground and first floor (gross 240m2) are accessible to the public. Panos is further fully utilizing the second floor, as its kitchen, freezer and fridge space, as well as bake off space (gross 109 m2).
Furthermore, the attic (3d floor – 37 m2), has been rented to Orange, who have there an amplifier for their mobile telephone signal.
Further details, plans and balance sheets can be made available in a further stage.