Business

Bloomfield Shopping Centre on the market for £22m

Bloomfield Shopping Centre in Bangor, Co Down, has gone on the market with an asking price of at least £22 million.
Bloomfield Shopping Centre in Bangor, Co Down, has gone on the market with an asking price of at least £22 million.
By Ryan McAleer

BLOOMFIELD Shopping Centre in Bangor has gone up for sale with its London-based owners putting a £22 million price tag on the Co Down complex.

The retail centre, which marked its 30th anniversary last year, was bought by Ellandi and real-estate asset management firm Tristan Capital Partners in November 2015.

The multi-million pound deal was announced just weeks after Bloomfield was placed on the market with a £54m guide price in October 2015.

It had been owned by Donegall Place Investments, which also previously owned the Bow Street Mall in Lisburn.

Last refurbished in 2001 and extended to 288,234 sq ft in 2002, Bloomfield Shopping Centre contains 49 retail units within three malls, anchored by Marks & Spencer, Tesco and Next.

According to agents CBRE and Savills, the centre is 98% occupied.

Read more:

  • Frasers Group to amalgamate brands in new superstore at Boucher Retail Park
  • Trading places - two key tenants vacate Victoria Square
  • Apple the latest major retailer linked to potential exit from Victoria Square

Tenants include Specsavers, Holland & Barrett, JD Sports, Danske Bank, Vision Express, The Works, Waterstones, Jack & Jones, Costa, Three, Boots, Goldsmiths and River Island.

The total site, including retail and ancillary accommodation, extends to 425,085 sq ft over 31 acres.

According to the listing, Bloomfield produces a net income of £3.1m per year.

When last sold in 2015, the centre was reported to generate £4.66m in rental income.

Bloomfield Shopping Centre's anchor tenants include M&S, Tesco and Next.
Bloomfield Shopping Centre's anchor tenants include M&S, Tesco and Next.

The shopping centre is the latest retail asset to be placed on the north's busy commercial property market.

It comes just weeks after the sale of Foyleside in Derry, Forestside in Belfast and Abbey Retail Park.

Forestside was acquired by Michael and Lesley Herbert for £42m in September, while a local consortium, including Derry-based business brothers, Patrick and Edmund Simpson paid £27m for Foyleside the same month.

The Bloomfield Shopping Centre site extends to 31 acres.
The Bloomfield Shopping Centre site extends to 31 acres.

Meanwhile, the Abbey Retail Park in Co Antrim was bought by the California-based Realty Income Corporation for around £40m.

Magmel (Ballymena) Limited, a joint commercial venture between Ballymena property firm Magell and Dublin-based Melcorpo, have also been busy, snapping up retail assets in Ballymena and Coleraine.