Banbridge retail site on market for £1.5m

A RETAIL development in Banbridge town centre has gone on the market for almost £1.5m.

The development is made up of six retail units across two properties on Newry Street and Townsend Street.

It is being sold by property agents Savills, which is seeking offers of over £1.475m.

The units on offer are let to opticians Specsavers, fashion retailer DV8, Houseproud Fur- nishings, New Look, carpets firm Martin Phillips and Transform Fitness.

Four of the retail units front Newry Street and the remaining two are accessed through a car park on Townsend Street.

Nearby occupiers include Superdrug, Santander, O2, Clubworld Travel, Lidl, Hallmark and Iceland.

Jamie Radcliffe of Savills said the properties represent a “high profile” investment which has generated significant interest from potential buyers.

The six units on sale in Banbridge

“We have strong interest in the property, which represents an excellent asset management opportunity with potential to regear current occupational leases,” he said.

“We are inviting offers in excess of £1.475m and a purchase at this level, reflects a net initial yield of 11.13% excluding VAT and assuming full purchaser’s costs at 6.1%.

“The asking price reflects an attractive capital value of £54.66 per sq ft, which has created interest in the opportunity to acquire a high-profile investment.”

Meanwhile, nearby discount shopping destination The Outlet has rebranded as The Boulevard.

Brands added to the retail park in the last year include ProCook, Jack and Jones, Ulster Weavers and The Beauty Outlet.

Other brands which operate from The Outlet include Nike, Timberland, Calvin Klein, L.K. Bennett, Paul Costelloe and Jaeger.

Lotus Group acquired The Outlet in 2016, along with Junction One in Antrim. Junction One has since been rebranded The Junction. A £30m redevelopment of The Junction is now taking place.