Buccleuch makes B&M retail warehouse acquisition

A retail warehouse in Manchester which is home to a B&M store has been purchased by Buccleuch Property for £4.5m.

The 52,000 sq ft property on Hyde Road sits two miles east of Manchester city centre, and is let to the retailer until December 2027.

The site was purchased in an off-market transaction with Rajan Trading, with the purchase demonstrating an initial yield of 6.25%, Buccleuch said.

The acquisition was facilitated by Colliers and Harlex.

Philip Eves of Buccleuch Property said “We continue to seek investment opportunities in asset classes with good rental growth prospects across core UK locations. This is a great addition to our portfolio, providing secure income from a national retailer and located on a major arterial route leading into Manchester City Centre.”

Tom Lathwood, development manager at Harlex, added: “The property’s prominence and proximity to Manchester city centre makes this both an excellent short and long-term purchase. This acquisition further enhances Buccleuch’s portfolio and evidences the strong investor confidence in the North West market.”