Bloomfield Shopping Centre & Retail Park

  • £22,000,000
Bloomfield Shopping Centre & Retail Park, Bangor, BT19 7HB
Featured For Sale Sold

Bloomfield Shopping Centre & Retail Park

Bloomfield Shopping Centre & Retail Park, Bangor, BT19 7HB
  • £22,000,000

Description

FOR SALE – DOMINANT FREEHOLD RETAIL INVESTMENT OPPORTUNITY

 

Investment Summary
  • Bloomfield Shopping Centre and Retail Park is the primary retail scheme in North Down, dominating the retail offer, making it the location of choice for retailers and shoppers in the area.
  • The property comprises a purpose-built enclosed mall shopping centre and adjacent retail park extending to 425,085 sq ft. There is free surface parking for
    approximately 1,899 vehicles.
  • Strong anchor tenants include a 74,785 sq ft Marks & Spencer (sold off long leasehold), a 54,811, sq ft Tesco (sold off long leasehold) and a 35,150 sq ft Next.
  • The shopping centre extends to 288,234 sq ft and comprises 49 retail units at ground floor. The mall includes a 5-unit food-court.
  • The retail park is located immediately adjacent to the Shopping Centre and extends to 113,114 sq ft and comprises 6 units.
  • In addition, there are seven standalone units measuring 23,737 sq ft.
  • The overall vacancy rate is currently 2.15%.
  • We understand that Bloomfield is the UK’s first Carbon Neutral Shopping Centre.
  • Numerous asset management opportunities to increase the income stream.
  • Footfall has remained at robust levels in recent years with 3.48 million footfall during 2022.
  • Over 77% of the total rent is secured against tenants with a very low risk or low risk Creditsafe rating.
  • Strong weighted average unexpired lease term of 5.06 years to expiry and 2.82 years to break.
  • Currently produces a total gross passing rent of £3,336,498 per annum and a net passing rent of £3,112,289 per annum after the deduction of landlord’s
    shortfalls.
  • The property is held freehold subject to the interests which have been sold off long leasehold.
  • We are instructed to seek offers over £22,000,000 (Twenty-Two Million Pounds) for our client’s freehold interest excluding VAT. A purchase at this level would reflect a net initial yield of 13.23% assuming purchasers costs of 6.75%.
  • A purchase at this level would reflect an attractive capital price of £78 per sq ft excluding areas sold off long leasehold.

 

Description

Bloomfield Shopping Centre and Retail Park is the dominant retail scheme in Bangor, providing a total of 425,085 sq ft of retail and ancillary accommodation, located on a 30.85 acre (12.48 hectare) site.

The shopping centre element of the scheme opened in 1992, was refurbished in 2001, and was extended in 2002 to accommodate the Marks & Spencer and Tesco anchor stores. The centre now extends to 288,234 sq ft and comprises 49 retail units arranged within three malls which radiate from a central square. The accommodation is predominantly arranged over ground floor level, however TK Maxx and Next trade over two levels.

Both Tesco and Marks & Spencer occupy the property on long leases at a peppercorn rent with expiries in 2115 and 2117 respectively. Other national multiple retailers within the shopping centre include Specsavers, Holland & Barrett, JD Sports, Danske Bank, Vision Express, The Works, Waterstones, Jack & Jones, Costa, Three, Boots, Goldsmiths and River Island to name but a few.

Two externally accessed units lie adjacent to the western elevation of the shopping centre and are let to TK Maxx and Smyths Toys.

The retail park element of the scheme opened in 1994 and comprises a southern terrace and an eastern terrace of four units and two units respectively. National multiple occupiers include Poundstretcher, Sportsdirect, Harry Corry, B&M Bargains and Pets At Home. Overall, the retail park units combined provide 113,114 sq ft of retail and ancillary floorspace.

In addition, seven standalone units fronting Bloomfield Road South, at the western edge of the scheme extending to 23,737 sq ft. These units include a McDonald’s drive-thru restaurant, a Tesco petrol station and car wash, a Tony Macaroni restaurant, Chicago Blue restaurant, Send My Bag unit, Starbucks drive thru and a Tim Hortons drive thru. Tesco, Blue Chicago, Send My Bag and McDonald’s occupy their units on long leases at peppercorn rents.

Property Documents

Brochure
  • Address Bloomfield Shopping Centre & Retail Park
  • City Bangor
  • Zip/Postal Code BT19 7HB

Details

Updated on April 9, 2024 at 3:19 pm
  • Price: £22,000,000
  • Property Size: 425085
  • Property Type: Investment, Retail
  • Property Status: For Sale

Video

Similar Listings