Irish group, Strategic Property & Investment Solutions, has paid £9.1 million (€13.3 million) for a B & Q store in Banbury which is let to the giant multiple until 2022.

The property was acquired through a geared pension fund and will show an initial yield of 5 per cent and a net equivalent yield of 5.5 per cent.

It is the fifth purchase by the company on the advice of CB Richard Ellis Gunne.

The B & Q store has a floor area of 3,421sq m (36,823sq ft) and sits on a site of 2.53 acres. It is located in a retail warehouse district about one mile from the town centre.

Joe O'Regan of Strategic Property & Investment Solutions says that retail warehousing was the strongest performing sector in the UK market last year.

B & Q is the largest DIY retailer in Europe and this investment offered pension investors excellent medium term growth potential.