Investment company buys upmarket city retail units for £3m
Two adjoining retail units in Belfast city centre have changed hands for nearly £3m, the Belfast Telegraph can reveal.
CBRE Global Investors said it had acquired the O2 and Lush shops from Henderson Global Investments for £2.95m.
The property is in an area between Donegall Place and Victoria Square which is becoming increasingly popular with upmarket retailers.
It is CBRE Global Investors’ third purchase in just over a year after it bought the building which houses Marks and Spencer on Donegall Place for £8.75m and Shore Road Retail Park for £3.5m.
Ric Crane, fund manager at CBRE Global Investors, said: “We are delighted to have secured this high-yielding retail investment. We have identified this area of Belfast as one offering strong medium to long-term investment potential.
“We are pleased to have already secured an additional letting on the upper parts, increasing the income return further.
“This deal is typical of the type of value-adding transactions we are continuing to target.”
Gavin Elliott of CBRE Capital Markets, who advised on the transaction, added: “This adds to CBRE Global Investors’ growing portfolio and offers clear asset management opportunities to drive fund performance.”
Osborne King and CBRE acted on behalf of CBRE Global Investors and Henderson Global Investors was represented by Lambert Smith Hampton.