The popular shopping centre in South Belfast was bought for £5 million above the asking price
Forestside Shopping Centre in South Belfast has been bought for £42 million - £5 million above the asking price and reflecting a net initial yield of 7.91%.
The 336,000 sq ft shopping centre was put on the market by Savills in May of this year. The centre has over 35 units, anchored by Sainsbury's, Marks and Spencer, and Dunnes Stores, all three of which are held on a long leasehold. "The net initial yield of 7.91% is significantly ahead of market comparables in both Northern Ireland and Great Britain and reflects the quality of the asset.
The Herberts also have significant interests in housing building and commercial property, including the popular Barry's Amusements site in Portrush, which is currently run by the Curry family on a long-term lease.
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