Rushmere Shopping Centre & Retail Park, Craigavon, BT64 1AA

  • £57,000,000
Featured For Sale
4 Central Way, Craigavon, BT64 1AA
Featured For Sale

Rushmere Shopping Centre & Retail Park, Craigavon, BT64 1AA

4 Central Way, Craigavon, BT64 1AA
  • £57,000,000

Description

FOR SALE – PRIME FREEHOLD RETAIL INVESTMENT OPPORTUNITY

 

Investment Summary
  • Rushmere Shopping Centre & Retail Park is the dominant retail scheme within the wider Craigavon Urban Area.
  • Craigavon is the largest conurbation in County Armagh and is situated between the towns of Portadown and Lurgan.
  • New lettings secured to Primark, Superdrug and Poundland.
  • The Shopping Centre extends to approximately 350,666 sq. ft and comprises over 50 ground floor retail units in addition to mall kiosks. Occupiers of note include Primark, Boots, Home Bargains, H&M, Superdrug, River Island, TK Maxx, Dunnes and JD Sports.
  • The Retail Park is located  immediately adjacent to the shopping centre and measures approximately 134,365 sq ft. Occupiers of note include Homebase, Matalan, Next, Poundland and Currys PC World.
  • Free onsite car parking is provided for approximately 1,800 vehicles in total.
  • Recently vacated petrol station with development potential.
  • Footfall for the entire scheme has remained at robust levels in recent years with average footfall of 5.6 million between 2019 and 2021.
  • Numerous asset management opportunities exist to increase the income stream and enhance the retail environment.
  • Total site measures approximately 31.30 acres (12.67 hectares).
  • Produces a gross income of £7,613,701 per annum and a net operating income of £7,323,510 per annum.
  • WAULT to expiry of 4.08 years (3.15 years to break).
  • We are instructed to seek offers in excess of £57,000,000 (Fifty-Seven Million Pounds Sterling) for our clients freehold interest exclusive of VAT. A purchase at this level would reflect a net initial yield of 12.03% assuming purchasers’ costs of 6.78%.

 

Shopping Centre Description

The Shopping Centre measures approximately 350,666 sq. ft and comprises over 50 ground floor retail units in addition to mall kiosks. The centre has been designed and constructed in a linear shape configuration with the main mall running on a north-south axis with two smaller malls intersecting on the east and west axis. At opposing ends of the north-south axis there are currently two large anchor units.
Occupiers of note include Primark, Boots, Home Bargains, H&M, Superdrug, River Island, TK Maxx, Dunnes and JD Sports. All of the units front inwardly onto the mall and are only accessible to the public from the mall. Access and egress to the centre is via all elevations of the main mall.
The management offices, security control room and staff facilities are all situated on the ground floor. Male and female public toilets are located at ground level on the eastern mall. The shopping centre has a dedicated bus facility consisting of 4 bays which are situated outside the eastern entrance to the shopping mall off Lakeview Road.
The original centre was constructed in 1976 and was extended to the northern elevation in 1998 and the southern elevation in 2004.
The Sainsburys unit benefits from having its own dedicated surface level service yard while all other shopping centre units have basement level service access. Both of these service yards are accessed via Lakeview Road.

Retail Park Description

The Retail Park element was constructed in 1999 and is located immediately north of the shopping centre and measures approximately 134,365 sq. ft. The Retail Park comprises 10 units of between 7,460 sq. ft and 31,116 sq. ft. Occupiers of note include Homebase, Matalan, Next, Poundland and Currys PC World. The Retail Park benefits from Open A1 planning consent.
The units are of contemporary construction and feature steel frames, a combination of blockwork and cladding on each external elevation and pitched roofs. There is an extensive service yard located to the rear of all the units which is accessed via Lakeview Road.
Free onsite car parking is provided for approximately 1,800 vehicles in total for the Shopping Centre & Retail Park elements. Ground and deck level parking is situated along the western boundary of the scheme.

Property Documents

Brochure - Rushmere Shopping Centre & Retail Park
EPC - Rushmere Shopping Centre
  • Address 4 Central Way, Craigavon
  • City Craigavon
  • Zip/Postal Code BT64 1AA

Details

Updated on August 23, 2022 at 10:15 am
  • Price: £57,000,000
  • Property Size: 485031 Sq Ft
  • Land Area: 31.3 Acres
  • Property Type: Investment
  • Property Status: For Sale

Video

Energy Class

  • Energetic class: C
  • EPC Current Rating: 75
  • A+
  • A
  • B
  • | Energy class C
    C
  • D
  • E
  • F
  • G
  • H

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