B&Q warehouse sold for pound 11.6m

A B&Q warehouse based in Hull has been sold for £11.6 million.

The 71,000 sq ft store was bought in November 2016 for £9.4 million with an unexpired lease term of 12 years.  It has been sold to an occupational pension fund.

“We continue to receive approaches for our retail assets at significant premiums to valuation and will react where we believe future returns can be enhanced by disposal and reinvestment,” said Andrew Jones, chief executive of LondonMetric. “This is a good store for B&Q which has delivered very strong income and capital returns for MIPP during its ownership period.”