Details
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 5 months, Laganbank Retail Park averaged 35,495 vehicles a month. The park provides 134 free surface car parking spaces with a ratio of 1:372 sq ft.
TK Maxx, Pure Gym, Upstairs Downstairs, Ground Coffee
We are instructed to seek offers in excess of £4,850,000 (four million, eight hundred and fifty thousand pounds exclusive) for our client’s freehold interest excluding VAT.
A purchase at this level would reflect an attractive net initial yield of 9.69% (assuming purchasers costs of 6.58%).
The property has been elected for VAT.
It is envisaged the transaction will be treated as a TOGC.
Stephen Deyermond
Tel: 028 9024 7111
stephen.deyermond@tdkproperty.com
We have been advised the subject property is held freehold.
The City of Lisburn is located some 9 miles south west of Belfast and is part of the Belfast Metropolitan Area. Lisburn has excellent road access being adjacent to the M1 motorway which connects Belfast with the west of the Province and the A1 which is the direct link to Dublin and the Republic of Ireland. Lisburn also has the benefit of being on the Belfast to Dublin rail line and some 17 miles from Belfast International airport and 13 miles from George Best Belfast City Airport.
Lisburn was granted city status in 2002 and is the third-largest city in Northern Ireland. It had a population of 120,165 people in the 2011 Census. On the 1st of April 2015 Lisburn and Castlereagh City Council assumed responsibility for the new Council area, following the amalgamation of Lisburn City Council and Castlereagh Borough Council. The Council represents 135,000 residents in approximately 56,000 homes and covers an area of nearly 200 square miles.
Lisburn is an important regional centre within the context of Northern Ireland with a retail offering including Sprucefield Shopping Centre, Bow Street Mall and the Lagan Valley LeisurePlex to name a few. Retailers represented include Marks & Spencer, Halfords, Omniplex, Boots, River Island, Currys/PC World.
Laganbank Retail Park is situated within the City Centre with prominent frontage onto Laganbank Road, which is the main arterial route through the city, approximately 0.5 miles north west of Junction 6 off the M1 motorway via Saintfield Road and Sloan Street. The property lies within a short distance from the prime retail offering at Bow Street.
Laganbank Retail Park is fully let to TK Maxx, Pure Gym, Upstairs Downstairs and Ground Coffee.