Damolly Retail Park situated on the Newry by-pass has been acquired recently for £34.76 million by Osborne King and Savills plc on behalf of client, SVM Properties in the largest Northern Irish investment deal this year to date. The 150,000 sq ft premises were sold by London-based Orchard Street Investment Management on behalf of a UK pension fund client in an off-market deal at a net initial yield of 4.95%. The current tenant line-up includes B&Q, MFI, Land of Leather and Currys.
According to David Burrows, who heads up Osborne King’s investment team:
“Opportunities to acquire prime retail warehousing of this size and calibre that are also located strategically on the Belfast-Dublin economic corridor are fewand far between. Damolly is the dominant retail park in Newry and benefits from a significant catchment area extending into the Republic of Ireland. It has a low base rental that offers significant headroom for growth and enjoys a high conversion rate from visitors to shoppers.”
This is the latest addition to SVM Properties’ impressive portfolio of retail developments, which includes Shane Retail Park on Belfast’s Boucher Road and Fairhill Shopping Centre and Braidwater Retail Park in Ballymena.
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Orchard Street Investment Management
Established in 2004, Orchard Street Investment Management LLP is a leading specialist commercial property investment manager, focused on the UK market. It acts on behalf of institutional clients world-wide to advise on investing in and the active management of property assets, including industrial, retail warehouses, offices and shopping centres. Orchard Street currently has assets under management exceeding £4 billion.