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Laganbank Retail Park, 1 Laganbank Road, Lisburn, BT24 4TQ

£5,875,000

For Sale

1 Laganbank Road, Lisburn

WhatsApp Facebook Twitter Pinterest Linkedin Email

For Sale

Laganbank Retail Park, 1 Laganbank Road, Lisburn, BT24 4TQ

1 Laganbank Road, Lisburn

£5,875,000

Description

FOR SALE – RETAIL WAREHOUSE INVESTMENT

Key Benefits

Lisburn is located 9 miles south west of Belfast and benefits from a catchment population in excess of 227,000 people.
Lisburn has excellent road communications via the M1 motorway network and junctions 6 and 7.
The subject property is located within the city centre with prominent frontage onto Laganbank Road, which is the main arterial route through the city.
The property comprises 3 retail units and one coffee/restaurant pod.
The property benefits from open consented planning.
Let to occupiers including; TK Maxx, Pure Gym, Upstairs Downstairs and Ground Coffee.
Leased at a gross rent of £503,272 pa and a net rent of £501,631 pa.
The open consented retail park extends to 49,937 sq ft.
Free surface car parking for 134 vehicles.
The investment provides a WAULT of 5.42 years term certain and 10.33 years to lease expiry.
The property sits on a site of 2.4 acres approximately.
We understand the property is held freehold.
We are instructed to seek offers in excess of £5,875,000 (five million, eight hundred and seventy five thousand pounds exclusive) for our clients freehold interest excluding VAT. A purchase at this level would reflect an attractive net initial yield of 8.00% (assuming purchasers cost of 6.62%).

Description

The park provides 49,937 sq ft of open consented purpose-built retail warehouse accommodation.

Laganbank Retail Park is anchored by a 22,437 sq ft TK Maxx and 16,000 sq ft Pure Gym. The units are predominantly of steel portal frame construction.

The park was renovated in 2017, offering extensive glazing around the ground floor entrances.

The units have service yards to the left-hand side and the rear. Access to the service yards is provided via the city side Laganbank Road entrance.

In the last 12 months, Laganbank Retail Park averaged 34,239 visitors a month, a higher level than pre-pandemic levels of 33,640 a month in 2019. The park provides 134 free surface car parking spaces with a ratio of 1:372 sq ft.