Spruced up: London group buys Lisburn retail park at €30m discount
Investment company NewRiver Reit has acquired Sprucefield Retail Park, Lisburn from Intu Properties for £40m (€46.6m).
The price paid for the park, which is located one mile south of Lisburn city centre, is £30m less than what Intu paid for the development in 2014.
The 47-acre site comprises of a five-unit retail park providing 231,000 sq of retail space, a 1,200-space free car park, and 18 acres of development land.
Sprucefield counts B&Q and Sainsbury's among its tenants, taking in an average rent of £16.11 per sq ft. Rent from the park will generate yearly income of £3.7m for NewRiver.
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The company's CEO, Allan Lockhart said that in addition to "an attractive long-term income return, the development land offers the opportunity to deliver significant capital growth, leading to a very attractive total return".