Bangor Flagship Developments has put its 13,935 sq m (150,000 sq ft) Flagship Centre in Bangor town centre, County Down on the market at £15m.
The scheme – which is located off Main Street and High Street – was built in 1993 and is anchored by Dunnes Stores textiles and household goods and a Co-op Foodstore. Other major occupiers include Argos, Iceland Frozen Foods, Mark One and Peacocks.
The scheme currently generates £1.15m pa but this is expected to rise to £1.23m pa when the last few units are let.
The scheme, according to joint agents Lambert Smith Hampston, also offers considerable potential for rental growth as the initial lettings were off a low base of about £35.00 per sq ft Zone A, whereas recent lettings have been around £40.00. The first rent reviews commence in November this year.
The Whelan Partnership have also been instructed to sell the investment.
EGi News 18/02/98
