Clients of LaSalle Investment Management have purchased the long leasehold interest in Phase II, Braidwater Retail Park, Ballymena at a price of £13,800,000, reflecting a net initial and equivalent yield of 7.43%.
The property is located in Ballymena, Northern Ireland, 26 miles north of Belfast. The scheme, totalling 92,414 sq ft, was developed between 2002 and 2004 and comprises a standalone B&Q unit of approximately 60,000 sq ft with garden centre, and a terrace of three adjoining units located opposite, occupied by Harry Corry, Smyths Toys and JJB Sports. The central car park separates the two parts of the scheme.
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 sq ft to £13.25 per sq ft.
Wilkinson Williams acted on behalf of LaSalle Investment Management and Osborne King acted on behalf of the vendor.
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