Malvern B&Q sold for £7.75m
The B&Q Supercentre in Malvern has been sold to Scottish Widows Investment Partnership (SWIP) for £7.75m.
The sale by Hercules Unit Trust (HUT), the specialist retail warehouse fund advised by British Land and managed by Schroders, represented an initial yield of 6.23 per cent.
Let to B&Q until August 2026 at a passing rent of £510,660 per year – about £20 per sq ft – the recently refurbished 25,533 sq ft store is set in a 2.4 acre site.
Cushman and Wakefield acted for British Land, and Jones Lang LaSalle represented SWIP.
The B&Q do-it-yourself store officially opened in August after Focus DIY closed earlier in the year following its administration.
The new owners re-employed all 27 staff from Focus, as well as creating 21 new jobs.
Hercules Unit Trust, which has now sold the store, is a Jersey-based closed-ended property unit trust with a fixed life to 2020. Its focus is major retail warehouse or shopping park properties with a value in excess of £20m in the UK.
