27 April 2021 News
One of Belfast’s leading retail parks has been placed on the market for offers in excess of £19.7m.
Shane Retail Park, which was constructed in 2003, comprises over 170,000 sq ft of prime retail warehouse units, and is located at the southern entrance of the Boucher Road.
The scheme is anchored by a 50,000 sq ft Homebase store, as well other retailers including Oak Furnitureland, Smyths Toys, Dunelm Mill, EZ Living, Costa Coffee, Carpetright and Dreams.
It boasts a fantastic location with excellent transport links given its close proximity to Belfast city centre, as well as a one-minute drivetime to the M1 motorway.
Commercial real estate agencies CBRE NI and Savills have been appointed as joint agents on the sale.
Robert Ditty, Senior Director at CBRE NI, commented: “Shane Retail Park is one of the best ‘Bulky Goods’ retail developments in Northern Ireland, and given that it is fully let with a wide range of well-renowned tenants, we are anticipating extremely high levels of demand from a variety of investors.”
Andrew Coggins, Director at CBRE NI, added that ‘out of town’ retail has performed exceptionally well throughout the Covid-19 pandemic, which has led to strong tenant demand as well as a healthy investor appetite for such schemes within the sector.
Ben Turtle, Director at Savills, said: “Despite a decline elsewhere in the UK and Europe, retail remains an attractive investment asset class in Northern Ireland – evidenced by a number of transactions over the past year including Slate Asset Management’s acquisition of Abbey Retail Park for £33m last year, and the sale of Lisnagelvin Retail Park to David Samuel Properties for £9.7m.”
Commenting on recent lettings at Shane Retail Park, Alana Coyle, Director at CBRE NI, commented: “The recent deals agreed with EZ Living and Dreams, both of which have doubled their floorspace and have committed to investing heavily in new stores, highlights the underlying strength and confidence that occupiers have in this location. There is a strong retail park renaissance taking place at the moment and we expect this to continue as retailers continue to expand and make the most of the available space.”
Robert Ditty, Senior Director at CBRE NI