Barrow-In- Furness – B&Q and DW Health & Fitness
Client : Private Property Company
Instruction : Investment purchase
We introduced the availability and acquired the investment of this mixed use out-of-town retail and leisure property from the original developer on behalf of clients.
The property comprises a B&Q retail warehouse of 52,136 sq ft, with a 21,000 sq ft garden centre and 8,000 sq ft builder's yard, together with a DW Sports & Fitness centre of 22,583 sq ft, with a mezzanine of 15,000 sq ft. The property is located in the prime retail warehouse pitch in Barrow, on Hindpool Road.
The B&Q is held on a full repairing and insuring lease for a term of 20 years from 15 July 2008, at a rent equating to £13.16 per sq ft. There are guaranteed uplifts at each rent review at 2.5% compound.
The DW Sports & Fitness is held on a lease of 25 years from 25 March 2008, at a rent equating to £13.20 per sq ft. There are guaranteed uplifts at each rent review of 2.5% compound.
We negotiated and agreed terms on behalf of our property company client who paid a purchase price equating to a net initial yield of 7.18%.