Picton Property Income has acquired the freehold of a retail warehouse in Sheffield, for £17.7m, reflecting a net initial yield of 6.6%.
The property is well located close to Sheffield city centre, 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.
The property is leased in its entirety to B&Q plc 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.
PCTN : Picton buys Sheffield warehouse