Lincolnshire based Blue Brick Investments & Developments is marking a strong first quarter with the £4.4m acquisition of 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 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 over £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 Investments & Developments which includes the £4.5m purchase of the premises of Wickes’ home improvement and garden centre retail operation in Oldham.
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, 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.”
With almost three decades of experience, Blue Brick Investments & Developments brand invests in wide-ranging commercial, residential and healthcare property.
Its past and present commercial portfolio of clients and tenants includes blue chip companies including Iceland, Handelsbanken, Go Outdoors, Travis Perkins, Co-op and global niche oilfield services company Reservoir Group.