The site of Burnham-On-Sea’s seafront B&M store has gone on sale this week for £6million.
There 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.
The prominent site occupies 3.65 acres of the seafront, and currently has 313 car parking spaces alongside the B&M store.
Property agents Montagu Evans say they are “seeking offers in excess of £6,050,000.”
Burnham-On-Sea.com understands the sale will be discussed by town councillors under ‘confidential business’ at the end of next Monday’s full council meeting.
Montagu 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 of 15%.”
“The 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.”
“We 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 6.63%.” Read the full sales details [PDF].
B&M 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.