Burnham-On-Sea's B&M store goes on sale for £6million
site of Burnham-On-Sea's seafront B&M store has gone on sale
this week for £6million.
is no question of the B&M store closing, but the freehold of
the site has been placed on the market by the current owners, The
Pension Protection Fund.
prominent site occupies 3.65 acres of the seafront, and currently
has 313 car parking spaces alongside the B&M store.
agents Montagu Evans say they are "seeking offers in excess of
understands the sale will be discussed by town councillors under
'confidential business' at the end of next Monday's full council
Evans says of the site: "The property is prominently located
on the seafront at the junction of South Esplanade and Pier Street.
It is a purpose-built retail unit totalling 29,824 sq ft with 313
car parking spaces adjacent, providing a superb ratio of 1:95 sq
ft. It is a large site area of 3.65 acres, with low site coverage
property is let to B&M Retail Ltd with in excess of seven years
unexpired. Total passing rent of £451,500 pa, reflecting a
rent of £15.14 per sq ft."
are seeking offers in excess of £6,050,000, subject to contract
and exclusive of VAT. A purchase at this level would reflect an
attractive net initial yield of 7.00%, assuming purchase costs of
the full sales details [PDF].
opened its store at the prominent Burnham-On-Sea site in September
2016, taking over the lease from Morrisons, which closed
its store there in November 2015.