CBRE Global Investors have sold the B&M and ScS, Mariners Way, Preston for £6.94 million reflecting a net initial yield of 8.25%.
The property is situated 1 mile west of Preston city centre, adjacent to a Morrisons supermarket and a McDonald’s drive-thru. Both units comprise a total of 43,472 sq ft on ground floor and both incorporate additional trading mezzanine floors. The B&M also has a garden centre. There is parking for 205 cars showing a ratio of 1:212 sq ft.
The total passing rent of £541,130 per annum reflects a very modest £12.45 psf overall and the scheme has a WAULT of 8 years without break.
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