The DIY giant is pushing ahead with its ‘rightsizing’ programme, downsizing stores which are too large for its current requirements and appointed adviser Foinavon to assist on the work across its portfolio.
Today it announced a rightsizing deal at Damolly Retail Park in Newry following negotiations with the landlord Corbo to surrender 20,000 sq ft of the original store and the builder’s yard. B&Q is now trading in a refitted mini warehouse store of 52,000 sq ft on a 20 year lease. The surplus space has been let to MFI and Dreams.
B&Q has also exchanged conditional contracts to let 14,369 sq ft to PC World’s parent DSGi at its store at Pasteur Retail Park in Great Yarmouth.
It will retain and refit 52,000 sq ft plus the existing garden centre as a new mini warehouse format store.
In Derry B&Q has exchanged conditional contracts with Dunelm to let 25,000 sq ft on a 15 year lease at the B&Q store at Raustina Retail Park to create a B&Q mini warehouse of 75,000 sq ft.
The rightsizing programme continues with a further 12 stores available for rightsizing, each of which provides surplus space of approximately 30-35,000 sq ft.
Iain Small, director B&Q said: ‘An additional 50,000 sq ft is currently under negotiation and further announcements are expected shortly. Locating adjacent to a newly refitted B&Q mini-warehouse is proving to be an attractive proposition to a retailer looking to relocate or open a new store, resulting in a win-win situation for both parties.’
The landlord at Newry was advised by Osborne King. Wilkinson Williams advised PC World/DSGi at Great Yarmouth.