LaSalle Investment Management (“LaSalle”) today announces that it has completed the acquisition of Phase II Braidwater Retail Park, Ballymena, in Northern Ireland, on behalf of Northern Ireland Local Government Officers’ Superannuation Committee (NILGOSC).

 LaSalle acquired the retail park from Tukingtons A1, who constructed the park between 2002 and 2004.  It currently has a standalone B&Q unit of 60,348 square feet, including a garden centre, with a terrace of three adjoining units situated opposite providing accommodation of 32,500 square feet.  The other three tenants are JJB Sports PLC., Smyths Toys NI Limited and Harry Corry Limited. 

The park has a bulky goods planning consent and benefits from being let on long leases with an average income weighted unexpired term of over 14.5 years, and relatively low rents ranging from £11.25 per sq ft to £13.25 per sq ft. 

The park was purchased for a price of £13,800,000 reflecting a net initial yield of 7.43%.

Ruth McFetridge, Associate Director at LaSalle Investment Management said: “on behalf of NILGOSC, LaSalle has been looking for secure, well let investments in the Fund’s home market where it can find relative value. Ballymena, is an affluent commuter town 26 miles north of Belfast and The Braidwater Retail Park fits NILGOSC’s strategy well.”

LaSalle was advised by Wilkinson Williams.  Osborne King represented the seller.