Location
Sunderland
Size
104,000 sq ft + 20,000 sq ft ancillary accommodation
Background
- Acquired in a JV with KKR along with two other assets, known as the Tuscany Portfolio.
- The property comprises a site of 10.8 acres purchased as a purpose-built DIY warehouse of 104,000 sq ft plus a further 20,000 sq ft of ancillary retail accommodation in the garden centre and builders’ yard as well as 568 car parking spaces.
Development Initiatives
- An agreement was entered into with B&Q to surrender part of its unit, subject to planning, with Morrisons entering into an agreement for lease on the surrendered space and garden centre.
- Planning was secured in ft but and B&Q undertook the building works to split its unit. B&Q surrendered the extra space and Morrisons completed a new lease on circa 70,000 sq ft but did not open due to a change in national strategy.
- The freehold title was split to allow the unit created for Morrisons to be sold to an owner occupier (Home Bargains). The remaining B&Q ownership was sold to a regional property company.
Exit
Total sales receipts were £27.7 million reflecting a blended NIY of 5.6%.
| Size | Status | Deal Type |
| 104,000 sq ft + 20,000 sq ft ancillary accommodation | Sold in Q3 2017 | Acquisition and AM |