B&Q has agreed to lease a 14,787sq m distribution centre at Ventura Park, Radlett, Hertfordshire. The lease, with property developer Brixton, is at a total annual rental of £1.03M.
The DIY retailer is taking a ten-year lease, without break, with a rent review after five years. It also has a six-month rent-free period following refurbishment of the late 1970s building. B&Q’s occupation of the site will be phased, based on each part of the refurbishment being completed.
Brixton was able to structure the deal following one of the previous tenants leaving at expiry back in March and the other tenant, Tibbett & Britten (T&B), exercising a break with effect from November. T&B did this so that B&Q, its customer at the site, could take a direct lease on the whole building.
Tibbett will continue to handle B&Q’s logistics from the Radlett site and remain as a tenant of Brixton elsewhere on Ventura Park.