Barnstaple Retail Park sold for £8.15m – B&Q signed up until 2040
A property investment company has announced it is selling a well-known Barnstaple retail warehouse site for 20 per cent more than it paid
A much-visited retail site in Barnstaple has been sold for £8.15million – a price 20 per cent higher than 11 years ago.
Announcing the sale of Barnstaple Retail Park today (Monday, November 9) former owner AEW UK REIT said flagship store B&Q had also committed to a new 15-year lease, ensuring the store stays until at least 2040.
The retail warehouse park site in Station Road also includes Wren Kitchens and Farmfoods.
AEW acquired the park in October 2015 for £6.79m and said the reason for the sale now is because it had grown the rental income and site value as much as it can and is now looking to invest the proceeds in new investments elsewhere.
It did not reveal in the statement who the buyer was and the Gazette has asked AEW for that information.
The sale is an investment one and there is no indication it will have any effect on the existing stores on the park, with business continuing as usual.
AEW said during its ownership it “delivered several asset management initiatives that increased income and strengthened the park’s tenant profile.” These included lettings to Wren Kitchens and Farmfoods, alongside a recent lease regear with anchor tenant B&Q. This secured a 15-year term certain and increased annual rent by £80,280, contributing to a £900,000 uplift in the property’s valuation in December 2025, equivalent to approximately 12 per cent.
Laura Elkin, portfolio manager of AEW UK REIT plc, said: “The sale of Barnstaple demonstrates our strategy in action: buy well, create value through active asset management and sell well to reinvest in higher-yielding opportunities with scope to add value and grow income.
“Through new lettings and the B&Q lease regear, we have materially enhanced the asset’s income profile and investor appeal. With the business plan substantially complete and limited scope for further income growth in the near term, the sale crystallises the value created and enables us to redeploy capital into investments that we expect to enhance Company earnings.
“We expect to announce acquisitions in the coming months.”