B&Q Properties Ltd, advised by Edgerley Simpson Howe, has sold a freehold retail warehouse investment at 31/37 East Street, Epsom to private clients of Miles Commercial for £3.75m.
The 13,777 sq ft property is let to Staples for 15 years from December 2005 at a rent of £294,120 pa which reflects £21.35 per sq ft. It is part sub-let to Majestic Wine
The investment benefits from an open A1 non-food planning consent and is situated close to the town centre within an area destined for future redevelopment
The purchase reflects an initial yield of 7.42% and is understood to have generated a number of competitive offers.
A spokesman for B&Q comments: “This property does not involve an occupational interest for the company and has been sold as part of our long term strategy to invest for the benefit of our operational retail business.”’