Lincolnshire investment firm snaps up £4.4m B&M store
Lincolnshire-based Blue Brick Investments & Developments has made a £4.4m swoop for the Tyne and Wear premises of UK discount retailer B & M Home Stores.
The 36,500 sq ft retail outlet and garden centre at Brunton Lane is on the Kingston Retail Park.
Founded in 1978, B&M has annual turnover of over £2.6bn, employing more than 28,000 staff and operating over 600 stores across England, Scotland, Wales and Northern Ireland.
Mike Bullas, founder of the Blue Brick Investments & Developments brand said: “With Newcastle among the UK’s top ten economic centres, the B&M outlet is strategically positioned and boasts a strong track record of trading.
“With expert input from Keebles and Estate Office, this latest acquisition further demonstrates our extensive experience in commercial property and the growth of our investment arm.”
Richard Smith, head of Keebles’ commercial property department, said: “The deal aptly reflects Blue Brick’s ability to develop its multi million pound commercial, residential and healthcare portfolio with prudent and measured investments. We wish Mike and team continued success.”
Richard Wolfryd of London based property consultants, Estate Office, said: “I was pleased to identify the B&M investment opportunity which is newly let to one of the leading national multiple retailers in the UK and is very well located in a dominant city.
“The asset has been re-purposed and let at a sustainable level of rent and is therefore fit-for-purpose retail in an established micro location. The acquisition of this property is highly complementary to Blue Brick’s expanding commercial property portfolio.”
