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New owner for two DIY warehouses

Wickes Letchworth 725 x 500

A Wickes store in Dartford and a B&Q warehouse in Hull have a new owner, having been purchased for a combined £18.4m.

The new landlord is LondonMetric Property, which acquired Wickes from a private investor and B&Q from Stobart Group and Roebuck Asset Management.

The B&Q deal is understood to have been valued at £9.4m, for a 71,000 sq ft store, while the 40,000 sq ft Wickes store was acquired for £9m.

Both stores have been re-let to their tenants at a cost of £750,000 p/a for B&Q, and £9m p/a for the Wickes store.

Source : Insight DIY

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23 November 2016

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