Belfast Telegraph

Lisburn retail outlet on market for £410,000

The store at Bow Street in Lisburn
The store at Bow Street in Lisburn

By Staff Reporter

A shop in Lisburn let to a DVD and games retailer is "an ideal pension purchase", according to its selling agents.

The CEX shop at 7-9 Bow Street has an asking price of £410,000 and is described as being in the heart of Lisburn city centre.

CEX specialises in selling second-hand DVDs and games. It also operates a store in Belfast city centre and three others in shopping centres around the city.

Joint selling agents INPROI and Frazer Kidd said: "This represents a unique opportunity in that it is a small lot-size investment property, in a prominent location, with an attractive tenant occupying by way of a new 10-year lease.

"This is an ideal pension purchase and we anticipate a strong level of interest."

Neighbours of the business include Specsavers, hairdressers Maks and clothing retailer River Island, which occupies 1-5 Bow Street.

The property for sale was let to CEX Franchising Ltd for 10 years from June this year, at a rent of £30,000 per year. However, there is a tenant break option at the end of the sixth year.

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The agents said that the £410,000 start price reflected a net yield of 7.02%.

Last month the Belfast Telegraph revealed that Sprucefield Retail Park outside Lisburn had gone on the market for £46.5m.

The outlet has a variety of tenants including grocery giant Sainsbury's, DIY chain B&Q and Next Home.

The relative affluence of the surrounding population was reflected in the marketing of the centre.

Sprucefield Retail Park is a separate development to Sprucefield Shopping Centre, which is home to retailers including Next, Marks & Spencer and Boots.

A spokesman for Intu, which also owns the Trafford Centre in Manchester, said last month: "We said at our interim results in July that part of our strategy is to fix the balance sheet.

"One way that we are doing this is through disposal and part-disposal of assets in the UK and Spain. In line with this, we are considering the sale of Sprucefield Park but all of those discussions are still at an early stage.

"We have not agreed terms with anybody at this point."

Meanwhile, figures from the Northern Ireland Retail Consortium last week reported a 3.1% fall in footfall in shopping locations here in September.

The research showed that high street footfall here fell by 2.3% during September.

That fall was gentler than that seen in August, but worse than the 12-month average decline of 1.2%. However, shopping centres here had the worst September in the UK, with footfall down 5.5% from August 25 until September 29.

Belfast Telegraph