Thursday, May 22, 2014

News: Sale at Rotherham B&Q


F&C UK Real Estate has acquired a 51,000 sq ft retail warehouse unit in Rotherham in a £10.5m deal.

Opened by B&Q in 2009, the mini-warehouse is part of the £6m Northfields Retail Park developed by Henry Boot on brownfield land close to the established Parkgate Shopping retail park.

The Sheffield developers purchased 16 acres of land and secured initial planning consent at the canalside site for 100,000 sq ft of retail accommodation and some 90,000 sq ft of industrial space.

B&Q is the anchor tenant with trade retailer, Tile Giant, part of Travis Perkins, and Quay Plastics, a national plastics manufacturer, occupying the two 5,000 sq ft, speculatively built industrial units.

On May 16, IPT Property Holdings Limited, a subsidiary of FCRE, purchased the B&Q unit for £10.5m, at an initial yield of 7.3 per cent. The unit is let until August 2029, with a tenant's break in 2024, at £810,346 per annum.

The Guernsey-registered investment company is managed by F&C and trades on the London Stock Exchange. Having completed a merger with ISIS Property Trust Limited in 2013, its diverse UK commercial property was valued at £276.6m and shareholders' funds were £149.1m.

In a recent interim management statement, Henry Boot said that: "trading since the beginning of 2014 has been encouraging across all the group businesses and providing these trends continue, we remain confident of meeting the Board's expectations for the full year."

Another recent investment deal in Rotherham saw the Invesco Property Income Trust dispose of the warehouse building at Hellaby Lane leased to Clipper Group Limited. The investment company said that the sale price of £7.78m was in line with the December 2013 valuation and that the net proceeds of these transactions will be applied to reduce borrowing.

Henry Boot website

Images: Henry Boot


Supported by:
More news...

  © Blogger template Newspaper III by 2008

Back to TOP