Published: 9th Sep 2019

South Somerset District Council has added the Glastonbury branch of B&Q to its growing portfolio of commercial investments. The district council has bought the site for £4.4 million, reflecting a net initial yield of 7.19%. It includes a 27,000 square foot retail warehouse, with 8,000 square foot external garden centre and 4,000 square foot secure delivery yard. It has been tenanted by B&Q since its construction with an unexpired lease term of seven years. Acquisition advice was provided by retail warehouse specialist Ellie Kirkby at Avision Young and the legal work undertaken by Paul Longman, partner at regional law firm Trethowans. It comes just weeks after the local authority bought the UK distribution hub of toy giant Hasbro in Newport for £2.78m. The council’s property portfolio also includes a business park in Christchurch, which was bought for £7.05m and the Bell House office block in Milton Keynes, which cost £2.92m. Like … (To read the full article, subscribe below)