LondonMetric pockets £5.8m from sale of B&Q warehouse in Hull

LondonMetric Property’s joint venture with Universities Superannuation Scheme, the Metric Income Plus Limited Partnership, has sold a B&Q warehouse in Hull for £11.6m, reflecting a blended net initial yield of 6.0%.

LondonMetric’s share of the sale is £5.8m.

The 71,000 sq ft store, which was bought in November 2016 for £9.4m with an unexpired lease term of 12 years, has been sold to an occupational pension fund.

Chief executive Andrew Jones said: "We continue to receive approaches for our retail assets at significant premiums to valuation and will react where we believe future returns can be enhanced by disposal and reinvestment.

"This is a good store for B&Q which has delivered very strong income and capital returns for MIPP during its ownership period."