Montreaux buys B&Q site at Cricklewood park for £45m
Mixed-use developer Montreaux has acquired B&Q’s site at Cricklewood’s Broadway Retail Park for £44.5m.
The 6.8-acre site is located on Cricklewood Lane, NW2, adjacent to the A5 and opposite Cricklewood station. B&Q owner Kingfisher acquired the freehold from Tepbrook Properties in 2001. The B&Q store is currently operational, with 200 employees and two years remaining on its lease. Other tenants include Poundstretcher and Tile Depot, with lease agreements from Kingfisher.
It is understood that Montreaux will seek to deliver a residential-led mixed-use scheme on the site, with at least 1,000 homes on a mixed tenure, with the possibility of B&Q retaining a small amount of space for a scaled-down retail offering.
Mixed-use developer Montreaux has acquired B&Q’s site at Cricklewood’s Broadway Retail Park for £44.5m.
The 6.8-acre site is located on Cricklewood Lane, NW2, adjacent to the A5 and opposite Cricklewood station. B&Q owner Kingfisher acquired the freehold from Tepbrook Properties in 2001. The B&Q store is currently operational, with 200 employees and two years remaining on its lease. Other tenants include Poundstretcher and Tile Depot, with lease agreements from Kingfisher.
It is understood that Montreaux will seek to deliver a residential-led mixed-use scheme on the site, with at least 1,000 homes on a mixed tenure, with the possibility of B&Q retaining a small amount of space for a scaled-down retail offering.
Kingfisher chief executive Veronique Laury has been driving a sale-and-leaseback strategy to raise cash, with six stores outside London earmarked for sale last year.
In recent years B&Q has shifted its focus to high-street stores in place of traditional warehouse shops, and today Kingfisher outlined plans to close 15 stores across the group in the next two years.
Montreaux specialises in acquiring unconditional land for mixed-use and residential development, and has a portfolio of more than 8,000 homes across London and the South East. The purchase at Cricklewood follows its recent acquisition of Ilford Retail Park for £17.7m from LaSalle IM in October.
In 2018, Montreaux also completed its purchase of Middlesex Business Centre in Southall. The 12-acre former industrial site is adjacent to the new Crossrail station and last month received planning consent for 2,083 homes and more than 200,000 sq ft of flexible employment, community and retail space, a new hotel, public green spaces and squares.
Montreaux declined to comment. Kingfisher was approached for comment.
Main image © Des Blenkinsopp
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