Cityside Leisure & Retail Park

  • £13,000,000
Featured For Sale
Cityside Leisure & Retail Park, York Street, Belfast, BT15 1JH
Featured For Sale

Cityside Leisure & Retail Park

Cityside Leisure & Retail Park, York Street, Belfast, BT15 1JH
  • £13,000,000

Description

HIGH YIELDING LEISURE & RETAIL INVESTMENT

 

 

Investment Summary
  • Cityside Leisure and Retail Park provides the dominant leisure offer for the Ulster University area and North Belfast.
  • Belfast is the largest city in Northern Ireland and the second largest in Ireland, with a population in the Belfast Metropolitan Area of 739,000 people.
  • The city is located approximately 165 km (103 miles) north of Dublin and 120 km (75 miles) south east of Derry-Londonderry.
  • Highly visible and accessible location situated on the Northern Edge of Belfast City Centre with strong transport links being situated adjacent to the M2 & M3 motorways. 360,000 people live within a 5 mile radius.
  • 270,316 sq ft of accommodation plus an additional 38,786 sq ft mezzanine.
  • Cityside benefits from an owner occupied 58,950 sq ft Tesco Supermarket & PFS.
  • The cinema at Cityside is the only Movie House operation in Belfast City Centre that benefits from free car parking, whilst the limited competition from Cineworld at SSE Arena and Odeon at Victoria Square require patrons to pay for parking.
  • Movie House are concentrating their business on the offer at Cityside now that they have closed their Dublin Road cinema to allow for office development. The Dublin Road closure further restricts the cinema offer within Belfast which should benefit Cityside.
  • 1,100 free car parking spaces.
  • Total site measures approx. 14.50 acres on the edge of Belfast City Centre.
  • Producing a gross rent of £2,092,981 pa and a net rent of £1,735,997 pa (assuming rent free cover).
  • WAULT to break of 6.71 years and 7.58 years to expiry.
  • The park has a current vacancy rate of 8.49% based on gross lettable area.

 

Description

Cityside Leisure and Retail Park extends to 309,102 sq ft and is NI’s largest leisure and retail development located on the edge of Belfast City Centre.

The property comprises leisure accommodation totaling 141,336 sq ft anchored by a 57,640 sq ft 14 screen Movie House cinema, 25,509 sq ft Galaxy Bingo, 12,572 sq ft Lost City Golf and other complimentary F&B and leisure accommodation.

The property comprises retail accommodation totaling 128,980 sq ft, with occupiers including Asda Living, B&M, Home Bargains, Sports Direct, Burger King, Costa Coffee and Card Factory. In addition there is 38,786 sq. ft of mezzanine accommodation.

The park benefits significantly from the 1,100 free car parking spaces.

 

Asking Price

We are instructed to seek offers in excess of £13,000,000 (Thirteen Million Pounds Sterling) for our client’s freehold/long leasehold interest excluding VAT.

A purchase at this level would reflect an extremely attractive net initial yield after deduction of all landlord’s liabilities of 12.51% assuming purchasers’ costs of 6.72% and a capital value £48 per sq ft which is significantly below reinstatement value.

Property Documents

Cityside Brochure
  • Address Cityside Leisure & Retail Park, York Street, Belfast
  • City Belfast
  • Zip/Postal Code BT15 1JH

Details

Updated on September 15, 2021 at 3:56 pm
  • Price: £13,000,000
  • Property Size: 309102 Sq Ft
  • Land Area: 14.5
  • Property Type: Investment
  • Property Status: For Sale

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