Belfast Telegraph

Iceland supermarket at central Banbridge site 'a prime investment' at offers of over £730,000

An Iceland supermarket is on the market
An Iceland supermarket is on the market

By Staff Reporter

An Iceland supermarket in Co Down has gone on the market for around £0.7m as an investment purchase.

The store at Kenlis Street in Banbridge is let to the frozen food specialist for 10 years from May 2015 on an annual rent of £57,500.

Iceland's tenancy is unaffected by the proposed sale. The lease includes an 'upward only' rent review every five years, and there is no break option.

Joint selling agents Savills and Frazer Kidd, who are seeking offers of over £730,000, described the site as a "prime town centre investment".

It's understood the seller is a private investor.

In a joint statement, the agents said the store was in an attractive location: "Kenlis Street has recently been the subject of major public realm works funded by Armagh City, Banbridge & Craigavon Borough Council in collaboration with the Department for Communities, providing a high-quality pedestrian connection between the recently constructed £1m bus facility which services Banbridge and the main commercial centre of Banbridge, Newry Street.

"The public realm works included new high-quality natural stone block paving, a bespoke archway leading to the bus station, new efficient street lighting, modern tree planters and comfortable seating adjacent to the public art feature."

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The store measures just under 6,700 sq ft on a site measuring 0.42 acres with neighbouring retailers including Ground Espresso, Specsavers, Houseproud, New Look and DV8.

The agents said with six years remaining on the lease, the site would provide "£355,000 of secure income from a strong covenant with low risk indicators".

Belfast Telegraph