A freehold retail investment let to Boots and three smaller shops on the Main Street in Bangor, Co Down, has been sold for £1.625 million sterling. Lyons House is producing a rental income of £114,200 and the purchase price represents an initial yield of 6.75 per cent. Mr Keith Shiells of Lambert Smith Hampton, which acted for the purchaser, said prime rentals in Bangor, the fourth largest town in Northern Ireland, are low compared to other major provincial centres and have potential for considerable growth. Zone A rents in the town are around £50 per sq ft compared with £80 per sq ft in other centres. It is expected the rental on Lyons House will increase in reviews next year.
Meanwhile, planning permission has been granted for the demolition of two retail properties as part of an extension of the Flagship Shopping Centre, in Bangor, Co Down. Lambert Smith Hampton, acting for the owners of Flagship, acquired the lease of two adjoining properties at an initial rental of £75,000 per annum. The extension is to feature the development of a new 8,000 sq ft anchor store alongside a refurbishment of the centre.
