B&Q Whitehills Retail Park Preston New Road, Blackpool, FY4 5LU

Located in the popular seaside town of Blackpool, home to over 287,000 people and attracting over 18.2 million tourists each year.

Retail warehousing is under-represented in the town, with supply less than the PMA average per household.

The property is located in a very prominent, visible and accessible position, off Junction 4 of the M55.

Stand-alone retail warehouse unit totalling 102,400 sq ft.

Let to the solid covenant of B&Q plc, a D&B 5A1 rated covenant and a ‘COVID-19 resilient and essential’ retailer.

Recently re-geared lease with just under 10 years unexpired and let at a very low and affordable rent reflecting just £9.50 per sq ft.

DIY planning consent.

Low site cover of 24% allowing for future further development on the site, subject to the necessary consents.

We are instructed to seek offers in excess of £13,523,000 (Thirteen Million, Five Hundred and Twenty Three Thousand Pounds), subject to contract and exclusive of VAT.

A purchase at this level would reflect an attractive net initial yield of 6.75%, assuming purchaser’s costs of 6.57%. This reflects a low capital value of £132 per sq ft and £1,383,555 per acre.