LaSalle Investment Management has announced the completion of the acquisition of Phase II Braidwater Retail Park, Ballymena, in Northern Ireland, on behalf of Northern Ireland Local Government Officers' Superannuation Committee (NILGOSC).
LaSalle acquired the retail park from Tukingtons A1, who constructed the park between 2002 and 2004. It currently has a standalone B&Q unit of 60,348 ft² (approx. 5,600 m²), including a garden center, with a terrace of three adjoining units situated opposite providing accommodation of 32,500 ft². The other three tenants are JJB Sports PLC., Smyths Toys NI Limited and Harry Corry Limited.
The park has a bulky goods planning consent and benefits from being let on long leases with an average income weighted unexpired term of over 14.5 years, and relatively low rents ranging from £11.25 per ft² to £13.25 per ft².
The park was purchased for a price of £13,800,000 (approx. 15.7 million) reflecting a net initial yield of 7.43%.
Ruth McFetridge, Associate Director at LaSalle Investment Management said: "On behalf of NILGOSC, LaSalle has been looking for secure, well let investments in the Fund's home market where it can find relative value. Ballymena, is an affluent commuter town 26 miles north of Belfast and The Braidwater Retail Park fits NILGOSC's strategy well."
LaSalle was advised by Wilkinson Williams. Osborne King represented the seller.
Source: Citigate Dewe Rogerson