Retailer B&M set for 10,000 sq ft expansion at retail park
B&M has secured a deal to expand by 10,000 st ft at Barnsley East Retail Park.
The new letting on unit B has increased the retailer’s occupation on the park by 40%.
B&M currently operates out of the adjoining unit A, which extends to 25,000 sq ft on a lease expiring in September 2027.
Unit B was previously occupied by Carpetright, which completed a Company Voluntary Arrangement in 2018.
B&M will now trade from both units as a single store. The leases on both units will expire in September 2027.
The rent payable on units A and B will be £330,062 per annum, a small reduction of £5,688 per annum from the combined rental income receivable prior to the CVA.
However, the new lease to B&M was granted before any lengthy void periods and without any rent free or other incentives being paid. Further, under this agreement, the lease expiry date on unit B was extended from September 2019 to September 2027.
Ediston Property Investment Company signed the lease on unit B with B&M.
Calum Bruce, director of Investment at Ediston Properties Limited, said: “We have been able to provide the right solution for the occupational needs of one of our tenants.
“This letting shows that well-located retail parks, let off affordable rents remain in demand and that CVAs can be exploited to our advantage.”
