The Metric Income Plus Limited Partnership (MIPP), a joint venture between LondonMetric and the Universities Superannuation Scheme, has bought a B&Q warehouse in Hull and a Wickes warehouse in Dartford for £18.4m.
The deals reflect a blended net initial yield (NIY) of 6.8%.
The 71,000 sq ft B&Q store in Hull has been bought from Stobart Group and Roebuck Asset Management for £9.4 million, reflecting a NIY of 7.5%. The unit is let at £0.75 million p.a. with an unexpired lease term of 12 years.
The disposal is one of the last assets within the Moneypenny portfolio and now only two remain since Stobart Group’s acquisition in 2012.
The 40,000 sq ft Wickes retail warehouse in Dartford has been bought from a private investor for £9m. Simultaneous with the purchase, MIPP has granted a new 20 year lease to Wickes at a rent of £600,000 a year. The reflects a NIY of 6.2%.
MIPP was advised by Knight Frank on both deals and also by Beaton Associates on Dartford. Edgerley Simpson Howe represented Stobart and Roebuck.