NewRiver signs B&M Home Store at Victoria retail park in Beverley, East Yorkshire.
The homewares retailer has signed a 15-year lease on a 13,000-sq ft purpose-built unit in a new extension to the retail park, joins an existing retailer line-up consisting of Halfords, Poundstretcher and Poundland.
The 36,600 sq ft of retail warehousing shares its 720-space car park with a Morrisons supermarket and a McDonalds restaurant. This latest opening marks B&M’s ninth store in the NewRiver portfolio, and demonstrates our focus on the growing discounter sub-sector. B&M is now NewRiver’s fifth largest occupier by aggregate rental income, with annual rent of £1.6 million, representing 1.8 per cent of total rent roll.
NewRiver Director Charles Spooner said: “B&M is a valued partner of NewRiver, and its continued growth demonstrates the sustainability of the discounter sub-sector, which is one of our core focus areas. Shortly after acquiring Victoria retail park we identified local demand for an additional retailer at this site and built a pre-let unit to meet this, securing additional rental income with a yield on cost of 9.8 per cent.”