B&M Estuary site for sale
A 500,000 sq ft warehouse in south Liverpool occupied by retailer B&M Bargains has been put on the market with a price tag of £36.5m, a yield of 5.5%.
The distribution hub in Estuary Business Park, known as the Qube, is being marketed by GVA. The deal would be a sale and leaseback for B&M, which has a lease on the site until 2023. The headline rent is £4.24/sq ft.
The facility was built in 2013 to service the B&M's growing retail business. The 500,000 sq ft site is almost completely given over to warehouse space and has a service yard offering parking for 57 trailer units and a further parking area for 200 vehicles in the front of the building.
B&M purchased its neighbouring facility, the 611,000 sq ft The Vault, in 2009. The retailer then arranged a £30m sale and leaseback deal with RREEF in 2011.
David Winterbottom, senior director of the investment team at GVA's Manchester office, said: "This is a serious warehouse with a serious tenant – B&M's retail model requires huge amounts of space from which goods are despatched all over the country, all times of day.
"The Qube gives them nearly 500,000 sq ft of pure warehousing in a fantastically networked location. The long lease they have signed proves their commitment to this property, a commitment which will pay handsome dividends to the purchaser of this site."
