Kuwait Finance House have purchased the freehold interest in a 119,067 sq ft B&Q in Milton Keynes from AXA Real Estate Investment Managers Ltd for £31.5 million as an investment, reflecting a net initial yield of 6.6%. The property is let to B&Q plc on a full repairing and insuring 25 year lease from 21 October 2005. The passing rent reflects £18.50 per sq ft, with the next rent review being due on 21 October 2015, with 5 yearly upward only rent reviews thereafter.
Wilkinson Williams acted on behalf of AXA Real Estate Investment Managers Ltd. Strutt & Parker are representing Kuwait Finance House.
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