Outlook improves for commercial property investment
A leading commercial property consultancy has facilitated the disposal of a property in Londonderry on behalf of a private investor.
The capital markets team at Lambert Smith Hampton completed the £2.3 million disposal of 26/32 Ferryquay Street in the summer.
The location of the property is equidistant between the entrance to the Richmond Centre and the entrance to the Foyleside Shopping Centre. It comprises of c. 30,000 sq ft of retail accommodation and is fully let to Poundland Limited and Superdrug Stores Plc.
According to the property firm, this is yet another sign that the investment market in Northern Ireland is strengthening.
In addition, Lambert Smith Hampton has brokered a deal in Northampton worth £3.2 million on behalf of a private Northern Ireland-based investor. This property is fully let to Tesco Stores Limited and is located in a prime position in the town centre.
The Tesco Metro comprises of 22,000 sq ft over four floors and sits on Abington Street, a strong retail location directly opposite the entrance to the Grosvenor Shopping Centre.
Martin McCloy, Senior Surveyor, Lambert Smith Hampton, who advised the vendor in each instance, commented:
“Both properties are located on busy streets with good pedestrian footfall. The high number of bidders for both properties is indicative of the market demand for well-let properties in strong retail locations.
“Investor confidence in the regions continues to grow and we expect this trend to continue throughout Q4. Transactional activity remains constrained by the lack of opportunities currently in the market but as banks deleverage through loan sales and debt is rebased, we expect to see further investment properties coming to the market.”