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Longwood Retail Park, Newtownabbey, BT37 9UH

£22,000,000

For Sale Sale Agreed

Longwood Retail Park, Longwood Road, Newtownabbey, BT37 9UH

WhatsApp Facebook Twitter Pinterest Linkedin Email

For Sale Sale Agreed

Longwood Retail Park, Newtownabbey, BT37 9UH

Longwood Retail Park, Longwood Road, Newtownabbey, BT37 9UH

£22,000,000

Description

FOR SALE – PRIME RETAIL WAREHOUSE INVESTMENT

Key Benefits

Belfast is the capital of Northern Ireland and is ranked the 12th largest city in the United Kingdom and the 2nd largest in Ireland.
Newtownabbey is regarded as one of the strongest out-of-town retail locations in Northern Ireland.
Surrounded by a number of other schemes including Shore Road Retail Park, Abbey Retail Park, Abbey Trading Centre, Abbey Shopping Centre and Valley Retail Park.
The property comprises 10 retail units set across 4 parades and 1 coffee shop pod.
The property benefits from part open and bulky consent.
Let to multinational occupiers including; TK Maxx, Pets at Home, Hobbycraft, Home Bargains, Costa Coffee, Matalan and Iceland Foods.
Leased at a gross rent of £2,064,337 pa and a net rent of £1,998,274 pa.
The retail park extends to 193,102 sq ft including the Home Bargains unit of 35,000 sq ft which is subject to a long lease.
Free surface car parking for 814 vehicles.
Majority of the income (75%) is secure against covenants offering a Creditsafe rating of ‘Very Low Risk’ or ‘Low Risk’.
The investment provides a WAULT of 6.33 years term certain and 7.00 years to lease expiry.
Strong asset management opportunities to build out additional coffee shop drive thru (subject to planning), relet unit 6 and restructure various occupational leases.
The property sits on a site of 14.8 acres (includes area sold off long leasehold).
Held part freehold/ fee farm grant and part long leasehold, subject to ground rents of £495 pa.
We are instructed to seek offers in excess of £22,000,000 (Twenty-Two Million Pounds Sterling) for our client’s freehold/long leasehold interest excluding VAT. A purchase at this level would reflect an attractive net initial yield of 8.50% (assuming purchasers costs of 6.75%) and a capital value of £139 per sq ft.

Description

The park provides 193,102 sq ft of part open / bulky modern purpose-built retail accommodation (including 35,000 sq ft which has been sold off long leasehold).

Longwood Retail Park is anchored by a 40,510 sq ft Matalan and 35,000 sq ft Home Bargains. The other eight units provide between 7,500 sq ft and 29,955 sq ft of accommodation. The units are predominantly of steel portal frame construction with substantial glazed frontages in the majority of the units.

All the retail accommodation is provided at ground level (apart from unit 6) and internally has been fitted out to tenants’ fittings and branding. The units have service yards at surface and
basement level to the rear. Access to the service yards is provided via a service road connecting the rear entrance on Mill Road and a lane at the rear via Longwood Road.

Customer access and egress is excellent with vehicular access from the junction with Mill Road to the South West and from Longwood Road to the North. The park provides 814 free surface car parking spaces with a ratio of 1:237 sq ft.