Himor buys B&Q store
The Ainscough family's acquisitive Himor Group has bought a B&Q store in Swinton, Salford for £3.63m, a yield of 8.75%, from an unnamed private vendor.
The 31,886 sq ft DIY store and garden centre fronting Station Road occupies a 2.5 acre site with 140 car parking spaces next to Swinton Shopping Centre.
The store is let to B&Q Plc on a 35-year, full-repairing lease and the current annual rent is £336,000 a year, or £10.54/sq ft.
Chris Bampton, investment director at Colliers International, said: "As this transaction demonstrates, there is appetite from investors for the right stock at the right price.
"Properties with strong tenant covenants and the potential to add value through future asset management and enhancement are particularly attractive."
Bill Ainscough, chairman and owner of Langtree and Wainhomes, and his son Will, a former Healey & Baker investment manager and founder of WR Estates, own Himor.
Jones Lang LaSalle and Mason Philips acted for the private vendor.
