Corum Asset Management has completed the off-market acquisition of one of Belfast’s most prime retail properties, in what is the largest retail investment transaction in Northern Ireland so far this year.
40-46 Donegall Place, which is currently home to Northern Ireland’s flagship Next store and Dublin-based Eason, and extends to 67,000 sq ft, was acquired for £16.4m, which equates to a net initial yield of 7.05%.
Corum Asset Management was launched in 2012 and has acquired over 101 properties in 12 European countries.
Philippe Cervesi, Investment Director at Corum commented:
“We are actively looking for high quality investment opportunities in all commercial sectors, including alternative investments. The purchase of 40-46 Donegall Place is only our second in the UK and first in Northern Ireland, and we are committed to sourcing and acquiring other opportunities throughout the UK and Europe.”
Nicky Finnieston, Investment Director at Belfast-based Lisney who acted on behalf of Corum, said:
“We are delighted to have acquired one of Belfast’s best retail assets for Corum, in what was a quick and smooth transaction. From identifying and agreeing the deal Corum completed within 1 month. We look forward to working with them on other transactions as they expand in our market.
The building is located in a prominent and strategic location on the prime retail pitch adjacent to Marks and Spencer and River Island.
The prime retail pitch in Belfast has seen a real resurgence in recent years with vacancy rates reducing from 20% in 2014 to 9.1%, below the UK average, in 2017. The completion of the new Ulster University Campus and the development of Royal Exchange is expected to further strengthen the prime retail core over the coming years.”