B8RE Advise on Sale of B&Q Warehouse for £22.6m

Manchester-based propco Stoke Properties has completed on the sale of a warehouse in Stoke-on-Trent to M&G Real Estate for £22.6m.

The 132,000 sq ft retail warehouse, which forms part of Meir Park Whittles Road, Meir is wholly let to B&Q.

Simon Wood of B8 Real Estate acted as the vendors agent alongside Emma Nimmo and Adam Hymes of law firm Kuits on the legals.

Emma Nimmo said: “This transaction is noteworthy as it acts as a golden example of how developers, property advisors and lenders can work together to achieve a positive outcome for all parties.

“By 2011, the warehouse, which employs over 300 people, was underwater in that the loans secured against it significantly exceeded its value. Working with the lender, Newcastle Building Society, and with the assistance of B8 Real Estate and Kuits, Stoke Properties has been able to increase the value of the property by obtaining open retail planning consent, and thereby recover the property and achieve a significant profit six years later.”

Hogan Lovells and Assay Property acted for M & G Real Estate.