B Q Sheffield

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A retail warehouse and outdoor garden centre close to Sheffield city centre, leased in its entirety to B&Q, has been acquired by a property investment company for £17.7m.

Picton has acquired the freehold of site in a deal which reflects a net initial yield of 6.6 per cent.

The property is in an established retail warehouse location and adjacent to Queens Road Retail Park. It was built in 2002 on a nine acre site, comprising a 103,000 sq ft retail warehouse with a 40,000 sq ft outdoor garden centre, builders yard and 460 space car park.

B&q Sheffield Click And Collect

B&q Sheffield Wallpaper

The property is leased to the DIY and home improvement retailing company for a further 12.4 years at an annual rent of £1.24m, which equates to a low overall rent of approximately £12 per sq ft and is subject to review in 2017.

B&q Sheffield

Michael Morris, chief executive of Picton Capital, said: 'This is an opportunistic acquisition in a sector where we currently have low exposure. It reflects our confidence in this location and the underlying property fundamentals, including the longevity of the income stream and the potential for future growth.'