The property has been measured by BKR Floor Plans and provides the following Net Internal floor areas:
|1,032.96 sq m
|11,119 sq ft
|101.73 sq m
|1,095 sq ft
|1,134.68 sq m
|12,214 sq ft
A set of floor plans is available to download and the measured survey report will be re-addressed to a purchaser at a cost of £1,085 + VAT.
Heritable (Scottish equivalent of English Freehold).
The property is let to B&M Retail Limited (t/a B&M Bargains) on a full repairing and insuring lease expiring on 20th September 2028. The tenant has a break option on 31st January 2026, subject to six months’ prior written notice.
The passing rent is £62,500 per annum. The tenant benefits from a 12-month period of half rent expiring on 21st September 2024. The vendor will ‘top-up’ the income by way of an appropriate adjustment on the completion sum in order that a purchaser does not suffer an income shortfall.
We understand the current tenant has been in occupation since 2009 (14 years) and entered into a lease renewal in 2023, demonstrating their desire to remain in the property. Prior to the tenant signing a new lease the rent payable was £75,000 per annum. Hence, the rent has been rebased to a lower level from which we suggest an investor is likely to see rental growth.
B&M Retail Limited (Co. No. 01357507), has reported the following figures;
|25th March 2023
|26th March 2022
B&M was formed in 1978 and is the UK’s leading goods value retailer, providing customers with a limited assortment of the best selling items across a range of Grocery and General Merchandise categories, all at value prices. From its first store in Blackpool, B&M has grown to over 700+ stores, employs over 35,000+ staff and attracts over 4 million customers each week. The company is listed on the London Stock Exchange and was admitted to the FTSE 100 index in 2020. For further information visit www.bmstores.co.uk.
The property has been registered for VAT. It is anticipated that the sale of this property will be treated as a Transfer of a Going Concern (TOGC).
We are instructed to seek a figure of £660,000 (Six Hundred and Sixty Thousand Pounds), subject to contract, reflecting a net initial yield of 9.0%, assuming standard purchaser’s costs of 5.06%.
Please note that a purchaser will be re-charged the costs of the measured survey (£1,085 + VAT) and searches (c.£200) which are provided in the data room.
Please note that a purchaser will be charged a Transaction Fee of 1.0% of the Purchase Price plus VAT.
An opportunity to acquire a highly secure retail investment;
The property occupies a prominent retailing pitch in the heart of the town centre;
Let to B&M Retail Limited (Pre-Tax Profits £430m);
The tenant has been in occupation since 2009 and renewed their lease in 2023, demonstrating their commitment to the property;
A purchase at the asking price reflects an attractive net initial yield;
Attractive lot size to an investor.