Aberdeen Standard sells Romford B&Q
Aberdeen Standard Investments has sold a B&Q retail warehouse at Gallows Corner in Romford for £22.8m.
The 72,315 sq ft warehouse, the price tag for which represented an initial yield of 5.5%, was acquired by a fund managed by Knight Frank Investment Management.
It has been bought relatively close to the original asking price, after it was marketed for around £25m (with a 5% yield).
Aberdeen Standard Investments has sold a B&Q retail warehouse at Gallows Corner in Romford for £22.8m.
The 72,315 sq ft warehouse, the price tag for which represented an initial yield of 5.5%, was acquired by a fund managed by Knight Frank Investment Management.
It has been bought relatively close to the original asking price, after it was marketed for around £25m (with a 5% yield).
The warehouse was purpose-built for B&Q, which re-geared its lease in 2016 to extend its occupational term. It is let to the retailer for a further 12.5 years at a rent of £1.3m per annum, equating to £18.50 per sq ft.
However, it was additionally marketed with scope for enhancing value “through redevelopment for retail, residential or logistics uses”.
The premises are adjacent to a 24-hour Tesco and the Gallows Corner Retail Park, where occupiers include Next, Furniture Village, DFS, Halfords and Oak Furnitureland.
The warehouse is surrounded by the Tangent Link Trading Estate and extensive areas of residential development. It is also close to the new Crossrail station at Harold Wood.
Staunton Whiteman acted for Aberdeen Standard Investments, while Knight Frank advised KFIM.
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