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.
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.