Discount retailer B&M is offering its 618,000 sq ft Merseyside distribution centre in a sale-and-leaseback deal for £35m.
B&M bought the Vault shed in Speke last November in a cutprice deal reported to be worth £24 per sq ft. Now the company, which is undergoing a rapid expansion, is looking to cash in by selling it for between £30m and £35m with a 20-year leaseback.
Savills head of industrial Graham Brown said: “They bought the building incredibly cheaply last year – less than it cost to build – and now they are capitalising on an opportunity to make some money.”
B&M has grown from a 21-store regional retailer of variety goods to 205 stores in five years. The firm believes the UK can support around 400 B&M stores.
GVA Grimley has been appointed to handle the sale.
nick.whitten@estatesgazette.com
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