Red Kite on behalf of a Private Family Trust has purchased the Wickes Unit in Sittingbourne, Kent for £6.35m at a yield of 6.5%. The unit is situated on Cryalls Lane, at its junction with London Road, a short distance from the town. It comprising a modern purpose built retail warehouse constructed in 2008 providing 2,687.6 sq m (28,930 sq ft) with the benefit of 139 car parking spaces.
It is let to Wickes Building Supplies Ltd on full repairing and insuring terms for 20 years from 30 June 2008 (expiring 29 June 2028) at a current rent of £433,950 p.a. (£13.50psf) rising to £433,950 per annum (£15.00 psf) on 30 June 2011. The lease provides for 5yearly upward only rent reviews the next falling due on 30 June 2013.
Wickes are one of the UK’s largest DIY retailers operating in excess of 190 stores offering more than 6,000 products. In 2005, Wickes was acquired by Travis Perkins Plc.
Lewis Eliis acted on behalf of Red Kite and the Family Trust and Michael Elliot acted on behalf of the vendor.