Keebles has acted in a £4.4 million purchase of the Tyne and Wear premises of UK discount retailer B&M Home Stores.
The firm represented Lincolnshire-based property investment firm Blue Brick Investments & Developments in the deal, which builds on its expanding commercial portfolio.
The 36,500 square foot retail outlet and garden centre at Brunton Lane is located on the thriving commercial centre of Kingston Retail Park at junction 77 of the A1.
Founded in 1978, B&M has annual turnover of more than £2.6 billion, employing more than 28,000 staff and operating over 600 stores across England, Scotland, Wales and Northern Ireland.
The private sale further expands the commercial property portfolio of Blue Brick, which includes the £4.5 million purchase of the premises of Wickes’s home improvement and garden centre retail operation in Oldham.
Mike Bullas, founder of Blue Brick, 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 the commercial property department at Yorkshire law firm Keebles, 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 consultancy Estate Office commented: “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.”
