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B&Q to sell commercial property site
B&Q has decided to release its commercial property site at Fiveways in Croydon.
The 11.3 acre site - located at an out-of-town location on Croydon's Purley Way - was originally acquired with the intention for it to be a B&Q Warehouse store in 1998.
Ian Playford, group property director at Kingfisher since October 2009, stated the sale of the busines property site is part of Kingfisher's plans to maximise returns on its capital.
He said: "New large B&Q stores have not been on our agenda for some time and landlords and arbitrators are starting to understand that this part of the property market is ex-growth."
B&Q's property team is currently working on their existing portfolio and looking for some infill stores, he added.
Kingfisher - owner of the Screwfix and B&Q brands- recently announced pre-tax profits of £547 million, a rise of 49%, in the year to January 30th 2010.
Posted by Sarah Smith
The 11.3 acre site - located at an out-of-town location on Croydon's Purley Way - was originally acquired with the intention for it to be a B&Q Warehouse store in 1998.
Ian Playford, group property director at Kingfisher since October 2009, stated the sale of the busines property site is part of Kingfisher's plans to maximise returns on its capital.
He said: "New large B&Q stores have not been on our agenda for some time and landlords and arbitrators are starting to understand that this part of the property market is ex-growth."
B&Q's property team is currently working on their existing portfolio and looking for some infill stores, he added.
Kingfisher - owner of the Screwfix and B&Q brands- recently announced pre-tax profits of £547 million, a rise of 49%, in the year to January 30th 2010.
Posted by Sarah Smith
Thu, 1st Apr 2010