Prince William's Duchy of Cornwall Estate has sold Milton Keynes B&Q for circa £29 million, reflecting a net yield of 7.1% for the Buckinghamshire shed.
The future king's private property estate put the 121,527 square-foot site on the block for £28.46 million in May, instructing joint agents Knight Frank and Capital Real Estate Partners. B&Q's lease expires in October 2030, with the building generating an annual rent of circa £2.2 million.
But the property was only on the market for 16 days before the National Farmers Union acquired the DIY store on Patriot Drive for £29. 05 million.
The store was built in 2005 and has circa 2,000 square feet of offices and ancillary accommodation, as well as a 577-space car park. It sits next to Central Retail Park and The Place Retail Park, which house brands such as Aldi, Next Home and Poundland.
NFU has the opportunity via the section 106 agreement to downsize the B&Q and sub-divide the unit to create smaller units of at least 10,000-square-feet, subject to planning permission. Agents have also said the site could be redeveloped into a built-to-rent scheme of more than 1,000 units.
Prince William inherited the circa £1 billion Duchy of Cornwall private estate when his father, King Charles III, ascended to the throne two years ago. It was established by Edward III in 1337 to provide independence to his son and heir, Prince Edward.
Knight Frank and Capital Real Estate Partners acted for the Duchy of Cornwall Estate, while XPROP represented the buyer. The Duchy declined to comment, while NFU did not respond to a request for comment.