Connswater Shopping Center in east Belfast has been placed on the market at £26m.
The center, located off the Newtownards Roads, mainly houses discount retailers, and experiences a general vacancy rate of 16%.
The list of tenants in the shopping center includes Boots, Clarks, New Look, Blue Inc, Tesco and Dunnes. The tenant list in the retail park includes Maplin, Harry Court, Poundstretcher and Poundworld.
Any prospective purchasers of the property have been warned that there would be an annual rental for usage of the bridge over the Connswater River, of £60000. The shopping center and retail park are owned by Frank Boyd of Killultagh Estate. The agent managing the sale of the property is CBRE, but they were unavailable for comment.
The vacancy rate of 16% is lower than the average of 19% for Northern Ireland. A report issued by Lisney estate agents during last year, described the center as 39% ‘mass’ market targeted and the balance targeting the ‘value’ market.
Construction of Connswater Shopping Center commenced during 1983 and was completed in 1994. This makes it one of the oldest shopping centers in Northern Ireland. It was erected prior to Buttercrame Center in Newry and CastleCourt in Belfast.
10 OCTOBER 2014, Ireland
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