Milton Keynes B&Q handed £28m price tag
A B&Q store in Milton Keynes has been placed on the market with a price tag of £28.46m.
Developed in 2005, the store spans a gross internal area of 121,527 sq ft across two floors and sits on a freehold, 11 acre site. It is supplemented by a 8,595 sq ft covered garden centre a 21,424 sq ft external garden centre, and a 20,554 sq ft covered trade yard.
The asset also includes a 577 space car park, providing a parking ratio of 1:211 sq ft.
Currently let to B&Q until October 2030, the store produces an annualised passing rent of over £2.2m, reflecting £18.13 per sq ft. The asset is subject to 5 yearly upwards only rent reviews, with the next scheduled for 21 October 2025.
The store is located in Milton Keynes’ dominant retail warehouse cluster, with nearby assets including Central Retail Park and The Place Retail Park.
The asset provides an opportunity via a Section 106 agreement to downsize the B&Q and divide the asset into no more than six units each at least 10,000 sq ft in size, subject to planning permission. There are also opportunities to accommodate upwards of 1,000 residential units, as housing demand in Milton Keynes continues to increase.
The asking price of £28.46m reflects a net initial yield of 7.25%, after purchaser’s costs.
Knight Frank and Capital Real Estate Partners have been appointed to handle the sale.