Connswater Shopping Centre & Retail Park

  • £15,500,000
Connswater Shopping Centre & Retail Park, Belfast, BT5 5LP
For Sale Sold

Connswater Shopping Centre & Retail Park

Connswater Shopping Centre & Retail Park, Belfast, BT5 5LP
  • £15,500,000




Investment Summary
  • Connswater Shopping Centre and Retail Park is the primary retail scheme in East Belfast. Dominating the retail offer, making it the location of choice for retailers and shoppers in the area.
  • East Belfast has a large residential catchment with excellent road, bus and rail connections to both Belfast city centre and the outlying areas of County Antrim and County Down.
  • The Property comprises a purpose built enclosed mall shopping centre and adjacent retail park.
  • The shopping centre extends to 224,684 sq ft and comprises 47 retail units at ground floor. The mall includes a 5 unit food-court at first floor level. The scheme is anchored by The Range. Other tenants include Sports Direct, Brand Max, Boots, Peacocks, New Look, Poundstretcher, Poundland and O2.
  • The retail park is located immediately adjacent the Shopping Centre and extends to 130,040 sq ft and comprises 15 units. Tenants include Lidl, Home Bargains, B&M Bargains, Halfords, Starbucks and Tim Hortons.
  • There is free surface and multi storey car parking for approximately 1,642 vehicles, with a further 40 spaces in the various service yards.
  • Footfall has remained at robust levels in recent years with average footfall of 2.2 million between 2017 and 2019. Footfall during 2020 was 1.85 million.
  • An overall Weighted Average Unexpired Lease Term (WAULT) of 7.80 years (5.57 years to breaks).
  • The overall vacancy rate is currently 8.2%.
  • A number of deliverable asset management opportunities exist including lease re-gears and unit reconfigurations.
  • Title of both the Shopping Centre and Retail Park are held freehold and long leasehold for a minimum of 125 years. There is a ground rent payable to The Crown Estate Commissioners in relation to a bridge over the Connswater River of £38,000 per annum.
  • Over 68% of the total rent is secured against tenants with a very low risk or low risk Creditsafe rating.
  • The total current net income after landlord’s unrecoverable costs and ground rent is £1,749,584 per annum.



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.


Asking Price

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.

Property Documents

Connswater SC RP Brochure 2021
  • Address Connswater Shopping Centre & Retail Park, Belfast
  • City Belfast
  • Zip/Postal Code BT5 5LP


Updated on February 24, 2022 at 10:10 am
  • Price: £15,500,000
  • Property Size: 354724 Sq Ft
  • Property Type: Investment
  • Property Status: For Sale

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