The property, which is located in Hedge End, five miles from Southampton city centre, comprises 115,913 sq ft of retail warehouse accommodation together with a garden centre, builder’s yard, trade park counter and self-contained car park.
The property is wholly occupied by B&Q on a 20-year FRI lease, with circa 10.1 years unexpired.
The property has been acquired on behalf of a client of Palmer Capital, as part of an ongoing investment programme to buy UK real estate assets.
Charles Allen, acquisitions director at Palmer Capital, said: “This asset is a perfect match for our client’s income requirement and demonstrates their on-going commitment to the UK. This asset perfectly reflects our investment strategy of investing in high quality buildings, on long leases, let to strong covenants to deliver our investors attractive, low risk income returns. We are actively seeking other similar transactions in 2018.”
Palmer Capital was advised by Colliers.