CBRE GLOBAL INVESTORS SELL B&M NEWCASTLE

CBRE Global Investors sell B&M Newcastle.

Following a letting to B&M in the unit formerly occupied by Homebase, CBRE Global Investors, advised by ESH have successfully completed the sale of the stand-alone asset in Kingston Park, Newcastle.

The Kingston Park area is a well established retail warehousing destination with retailers including M&S, Next, Matalan, TK Maxx, Sports Direct, and Curry’s PC World all represented.

The property which extends to approximately 34,500 sq ft was let at a rent of £9.87 per sq ft on a new 15 year lease from April 2019 and was purchased by a private investor for £4.40 million, reflecting a net initial yield of 7.25%.