The Shopping Centre measures approximately 224,684 sq ft and comprises 47 ground floor retail units in addition to mall kiosks. At first floor is a food mall providing a further 5 units. The centre has been designed and constructed in a T shape configuration with the main mall running on a north-south axis and a shorter mall intersecting on the perpendicular at the southern most point and running on an east-west axis. At opposing ends of the east-west axis there are two large units occupied by The Range and Brand Max.
The Retail Park is located to the north and east of the Shopping Centre and comprises four distinct sections, sub divided by the Connswater River and Connswater Link Road. In addition there are two small single storey freestanding drive thru F&B units, one occupied by Starbucks and another by Tim Hortons. Finally a KFC drive thru has been developed near the entrance to this section and is of standard KFC specification.
We are instructed to seek offers over £15,500,000 (Fifteen Million and Five Hundred Thousand Pounds) for our client’s interest excluding VAT. A purchase at this level would reflect a net initial yield of 10.58% assuming purchasers costs of 6.73%.
A purchase at this level would reflect an attractive capital price of £44 per sq ft.