FOR SALE PRIME RETAIL WAREHOUSE INVESTMENT - SHANE RETAIL PARK, BOUCHER ROAD, BELFAST, BT12 6HR THE LEADING BULKY GOODS RETAIL PARK IN NORTHERN ...
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FOR SALE PRIME RETAIL WAREHOUSE INVESTMENT SHANE RETAIL PARK, BOUCHER ROAD, BELFAST, BT12 6HR THE LEADING BULKY GOODS RETAIL PARK IN NORTHERN IRELAND
SHANE RETAIL PARK, BOUCHER ROAD, BELFAST, BT12 6HR
INVESTMENT SUMMARY
• Belfast is situated approximately 103 miles (165 km) north of Dublin and 75 miles • Tenants include Homebase, EZ Living, Smyths Toys, Dunelm, Oak Furniture Land
(120 km) south east of Derry-Londonderry. Belfast has an excellent communication and Costa Coffee.
network. The M2 motorway provides access to the north towards Antrim and Derry
and the M1 motorway provides access to the south and west of the Province • 679 free car parking spaces available.
towards Lisburn and Dublin. • Asset management opportunities include planning for a number of additional units
• Shane Retail Park is located at the southern entrance of the Boucher Road – ranging from c.1,500 sq.ft to c.10,000 sq.ft.
Northern Ireland’s premier retail warehouse destination. • Gross income of £2,501,503 per annum and a net income of £2,418,503 per annum.
• 170,484 sq.ft of retail warehouse consent with an additional 63,099 sq.ft • Part Freehold and Long Leasehold title.
mezzanine accommodation.
• We are instructed to seek offers in excess of £19,700,000 (Nineteen Million and
• Total site measures approx. 13.00 acres (5.26 hectares). Seven Hundred Thousand Pounds Sterling) for our client’s part freehold and long
• 100% occupied with an excellent letting history. leasehold interest excluding VAT.
• WAULT to break of 7.04 years and 8.18 years to expiry. • A purchase at this level would reflect an attractive net initial yield of 11.50%
assuming purchasers cost of 6.75% and a capital value of £116 per sq.ft.
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SHANE RETAIL PARK, BOUCHER ROAD, BELFAST, BT12 6HR PROPERTY DESCRIPTION Shane Retail Park, constructed in 2003, is located at the southern entrance of the Boucher Road - Northern Ireland’s premier retail warehouse destination. Anchored by a 50,000 sq.ft Homebase, the scheme consists of a further 7 units – Oak Furntiure Land, Smyths Toys, Dunelm Mill, EZ Living, Costa Coffee, Carpetright and Dreams - and 2 trade counter units, totalling 170,484 sq.ft. Access and egress is easily facilitated in all directions via the Boucher Road. The location is only a few minutes from Stockmans Lane roundabout, which leads directly onto the M1 motorway. The car park provides 679 free spaces.
SHANE RETAIL PARK, BOUCHER ROAD, BELFAST, BT12 6HR
RETAILING IN BOUCHER
The Boucher area is the premier destination for In addition to Shane Retail Park the Boucher Road is serviced by the following retail schemes:-
retail warehousing in Belfast.
The area also has a number of other business’s SCHEME APPROX SQ.FT TENANT LINE UP
that include car showrooms, The National Football
Stadium and various industrial storage and Boots, Matalan, New Look, Next,
distribution warehousing units. Boucher Retail Park 175,000 B&M Bargains, Poundworld, River
Island, Sports Direct & TK Maxx
Car showrooms in the vicinity include Aston Martin,
Bentley, BMW, Ferrari, Honda, Tesla, Jaguar, Land
Rover, Mercedes, Volvo, MINI & Maserati.
Marks & Spencer Simply Food,
Balmoral Plaza 134,000 Lakeland, Home Bargains & Harvey
Norman
Former B&Q 150,000 The Range
Lesley Retail Park 30,000 Halfords & Pure Gym
CGI of Proposed Unit
Rear Trade Counter Unit Unit 5 - Carpetright Unit 12 - Costa Coffee
SHANE RETAIL PARK, BOUCHER ROAD, BELFAST, BT12 6HR
DEMOGRAPHICS
ANTRIM
GLENAVY
BELFAST
MAZETOWN
ANNAHILL
DROMARA
THE SPA
Drivetime Map Catchment Map
Source: CACI - June 2019 Source: CACI - June 2019
Shane Retail Park is the leading bulky goods The schemes catchment demographic is
retail park location in Belfast. Shane Retail evenly spread between most of the (Acorn Primary Catchment
Park Social Group Profiles) including those in
The 5, 10 and 15 minute drivetime encompass Comfortable Communities (23.6%) and Secondary Catchment
the entire City. those who are Affluent Achievers (22.1%).
15 minute drivetime Tertiary Catchment
The retail provision is positioned Quaternary Catchment
TOTAL TOTAL toward the Mass and Value markets
HOUSEHOLDS POPULATION 10 minute drivetime (53% and 47%) of retailers respectively, Retail Centre
5 minutes 12,079 29,206 making it well placed to serve the local
demographic. (Source: CACI - June 2019)
10 minutes 68,071 165,382 5 minute drivetime
15 minutes 158,643 374,588 CACI Catchment Statistics and Retail
Footprint Reports are available within the
Purchasers’ Pack.
SHANE RETAIL PARK, BOUCHER ROAD, BELFAST, BT12 6HR
TENANCY SCHEDULE
UNIT TENANT TERM LEASE LEASE BREAK NEXT CURRENT AREA MEZZ TOTAL RENT RATES SERVICE COMMENTS
(YRS) START EXPIRY DATE REVIEW RENT (SQ.FT) (SQ.FT) AREA (PER PAYABLE CHARGE &
(SQ.FT) SQ.FT) 2019/20 INSURANCE YE20
UNIT 1 Hampden Group Ltd t/a Homebase 25 22/09/03 21/09/28 - 22/09/23 £700,000 50,000 21,787 71,787 £14.00 £373,487 £64,275
UNIT 2A/B In legals with Hometime Group Ltd 10 15/06/21 14/06/31 - 14/06/26 £260,015 15,295 11,785 27,080 £17.00 £135,079 £19,660 Legals progressing on a new 10 year lease with
t/a Dreams (targeting) 12 months rent free.
UNIT 3 /4 EZ Living Furniture & Interiors Ltd 10 02/11/20 01/11/30 - 02/11/25 £418,285 24,605 - 24,065 £17.00 £65,387 £31,629 Guaranteed by Right Price Carpets and Furniture
t/a EZ Living Centre (Cork) Ltd for 5 years. Rent Commence-
ment Date November 2021. 12 months rent free.
UNIT 5 Carpetright Plc 25 10/11/03 09/11/28 - 10/11/23 £193,753 10,764 - 10,764 £18.00 £76,958 £13,837 Entitled to 6.5 months’ rent free from 1 May 2021
to reflect full payment of all Covid-19 arrears.
UNIT 6/7 Smyth’s Toys NI Ltd 15 14/08/20 13/08/35 13/08/30 14/08/25 £287,000 24,753 5,227 29,980 £11.59 £184,591 £31,820 12 months rent free from August 2020.
UNIT 8 Dunelm Soft Furnishings Ltd 15 05/09/05 04/09/20 - - £378,450 25,230 16,300 41,530 £15.00 £215,535 £32,433 Tenant overholding.
UNIT 9 Oak Furnitureland Group Ltd 10 01/12/20 17/11/30 18/11/25 18/11/25 £180,000 10,981 8,000 18,981 £16.39 £99,023 £14,115 Break option subject to 12 months notice.
UNIT 10 T-Fit Gym Ltd 10 17/08/18 16/08/28 - 16/08/23 £14,000 3,175 - 3,175 £4.41 £12,701 £4,091 9mths rent free followed by Stepped rent:
Yr 1-2- £10k RCD 16 May 19
Yr 2-3 £12k RCD 17 Aug 2020
Yr 3-4 £14k RCD 17 Aug 2021
UNIT 11 Active Maintenance Solutions t/a 10 28/08/15 27/08/25 - - £14,000 3,175 - 3,175 £4.41 £19,051 £4,091
Inspire by Design
POD 1 MBBC Foods (Ireland) Ltd t/a Costa 25 06/05/16 05/05/41 05/05/31 06/05/36 £52,000 2,506 - 2,506 £20.75 £23,733 £3,221
Coffee
ADVERTISING Cantua Ltd 5 01/03/06 28/02/11 - - £4,000 - - - - - - Agreement for licence signed. Planning appli-
cation for digital board submitted but declined
and appeal rejected. New term to be agreed at
passing rent
GROUND Belfast City Council 01/01/03 21/12/27 - 01/01/23 (£83,000) - - - - - - Ground rent review - 1 Jan 13 agreed at £83,000
RENT p.a - 1 Jan 18 - agreed in principle at nil in-
crease. Further information upon request. Long
leasehold interest expires 21st December 2127.
TOTAL £2,418,503 170,484 63,099 233,583 £219,171
Gross Rental Income: £2,501,503 exc | Net Rental Income £2,418,503 exc (after deduction of ground rent)
ASSET MANAGEMENT The scheme has full planning for a number of additional
units ranging from c.1,500 sq.ft to c. 10,000 sq.ft.
Terms agreed for a 20 year term to IONITY GmbH for 6 no. car
charging stations at a minimum rent of £10,800 per annum.
OPPORTUNITIES These will be located on the main car park as identified IONITY GmbH is a JV between Mercedes, BWM, VW, Ford,
on the plan. A number of retail occupier expressions of Hyundai.
interest have been received. Further details on request.
SHANE RETAIL PARK, BOUCHER ROAD, BELFAST, BT12 6HR
SITE The site measures approx. 13 acres (5.26 hectares)
The main retail units have open consent with restrictions referred to as “bulky goods” with two trade counters to the rear.
11
10
8
9 6/7
3/4
2a/2b
* Asset Management
Opportunities
1
* Asset Management
Opportunities,
planning received,
units yet to be 14
constructed.
5
NOT TO SCALE:
This plan is published for
convenience of identification
only and although believed to
be correct, its accuracy is not
guaranteed and does not
form any part of a contract.
SHANE RETAIL PARK, BOUCHER ROAD, BELFAST, BT12 6HR
GOAD PLAN
SERVICE
AREA
SERVICE
UNIT
1
06/0 AREA
7
M UNIT
08 UNIT
03/0
4
UNIT
UNIT 01
2A-B
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UNIT
TO B 05
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CONS
NOT TO SCALE: T RUCT
ED
This plan is published for
convenience of identification
only and although believed to
be correct, its accuracy is not
guaranteed and does not
form any part of a contract.
SHANE RETAIL PARK, BOUCHER ROAD, BELFAST, BT12 6HR
EPC’s
The units have been assessed as follows:-
UNIT TENANT RATING TITLE CAPITAL ALLOWANCES
UNIT 1 Hampden Group Ltd t/a Homebase D90 The property is held part freehold part long It is anticipated that capital allowances will be
leasehold. The long leasehold is for a term of 125 available to qualifying parties. Further details of
UNIT 2A/B Hometime Group Ltd t/a Dreams D79 years from 1/1/2002 at £83,000 per annum. The these are available in the data room.
1/1/2018 rent review is outstanding. We consider
UNIT 3/4 EZ Living Furniture and Interiors Limited E112
the ground rent is rack rented.
UNIT 5 Carpetright Plc E105
BUILDING &
UNIT 6/7 Smyth’s Toys NI Ltd D98 DATA ROOM MEASURED SURVEY
A data room has been populated for prospective A vendor building and measured survey have
UNIT 8 Dunelm Soft Furnishings Ltd D98 been undertaken by Johnston Houston and
purchasers to undertake due diligence relating to
UNIT 9 Oak Furnitureland Group Ltd E112 the property. Access is available on request. are both available within the data room. Both
reports will be assignable to the purchaser
UNIT 10 T-Fit Gym Ltd D77 upon completion.
UNIT 11 Active Maintenance Solutions D99
VAT
The property has been elected for VAT. It is
UNIT 12 MBCC Foods (Ireland) Ltd t/a Costa C54 envisaged the transaction will be treated as a TOGC.
Full Energy Performance Certificates are available in the Data Room.SHANE RETAIL PARK, BOUCHER ROAD, BELFAST, BT12 6HR
PROPOSAL CONTACT
We are instructed to seek offers in
excess of £19,700,000 (Nineteen Million
and Seven Hundred Thousand Pounds
Sterling) for our client’s part freehold and
long leasehold interest excluding VAT.
A purchase at this level would reflect
an attractive net initial yield of 11.50% CBRE NI Savills
assuming purchasers’ costs of 6.75% and The Linenhall Longbridge House
a capital value of £116 per sq.ft. 32-38 Linenhall Street 16-24 Waring Street
Belfast Belfast
BT2 8BG BT1 2DX
Robert Ditty Andrew Coggins Ben Turtle
T: 028 9043 6917 T: 028 9043 6915 T: 028 9026 8006
M: 077 6213 7534 M: 074 6869 7290 M: 078 9984 6717
E: robert.ditty@cbreni.com E: andrew.coggins@cbreni.com E: ben.turtle@savills.ie
James Turkington Megan Houston
T: 028 9043 6932 T: 028 9026 7826
M: 077 9620 8416 M: 075 8309 7723
E: james.turkington@cbreni.com E: megan.houston@savills.ie
Disclaimer CBRE NI/Savills: These particulars are issued by CBRE NI/Savills on the understanding that any negotiations relating to the property are conducted through them. Whilst every care is taken in preparing them, CBRE NI/Savills for themselves
and for the vendor/lessor whose agents they are, given notice that – (i) the particulars are set out as a general outline for guiding potential purchasers/tenants and do not constitute any part of an offer or contract, (ii) any representation including
descriptions, dimensions, references to condition, permissions or licenses for uses or occupation, access or any other details are given in good faith and are believed to be correct, but any intending purchaser or tenant should not rely on them as
statements or representations of fact but must satisfy themselves (at their own expense) as to their correctness, (iii) neither CBRE NI/Savills, nor any of their employees have any authority to make any or give any representation or warranty in relation to
the property. – April 2021.You can also read
