B&M Bargains' newly-built Merseyside warehouse is being sold by its landlords. The 500,000 sq ft warehouse has been put on the market by surveyors GVA, priced in excess of £36.5m.
It is the latest sign of the red-hot investment market for logistics floorspace.
The Qube warehouse and distribution hub was built in 2013 at Liverpool’s Estuary Business Park. B&M has a long lease period agreed for the site, running to 2023 with regular upward-only rent reviews during the remaining lease period. The headline rent is £4.24 per sq ft, offering a net initial yield – based on the minimum purchase price of £36.5 million – of 5.5%.
The facilities were built in 2013 to service the growing B&M retail business. The 500,000 sq ft site is almost completely given over to warehouse space and has 38 dock level loading doors, a service yard offering parking for 57 trailer units and a further parking area for 200 vehicles in the front of the building.
David Winterbottom, Senior Director of the Investment team at GVA’s Manchester office, said: “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,” he commented.
