LONDON: Supermarket Income REIT announced the acquisition of a Sainsbury’s supermarket in Bangor, County Down, Northern Ireland, from John Morgan Estates Limited.
Developed in 2011, this prominent 10-acre site comprises a modern 44,000 sq ft net sales area supermarket with 650 parking spaces and an 8-pump petrol filling station. The supermarket has been acquired with an unexpired lease term of 15 years with 5-yearly rent reviews subject to 2% fixed annually compounded uplifts.
The site occupies a key location on the West Circular Corridor connecting directly to Belfast City and Newtownards.
The acquisition includes an adjoining Homebase unit with a net sales area of 33,000 sq ft and an unexpired lease term of 10 years with 5-yearly, open market rent reviews.
The total consideration for the site is £24.8 million representing a combined net initial yield of 6.6%.
Ben Green, Director of Atrato Capital Limited, the Investment Adviser to Supermarket Income REIT, said: “This Sainsbury’s store, which has strong trading fundamentals and attractive lease terms, is a welcome addition to Supermarket Income REIT’s portfolio. This income accretive acquisition is our first in Northern Ireland, adding further geographical diversification to our growing portfolio of UK supermarkets.”