Demand Still Strong For Solid Investment Opportunities
11 October 2009Osborne King has sold a property in Coleraine currently let to Marks & Spencer on behalf of a private local investor for a sum exceeding £1.75 million. Trading under the Simply Food banner, the store which is located at 13, The Diamond in the town centre and extends to circa 6,700 sq ft, is leased to Marks & Spencer until 2030.
M&S Simply Food, 13 The Diamond, Coleraine
Commenting on this recent transaction, Andrew Coggins, Investment Director with Osborne King said: "This property has a number of strong attributes as a solid investment opportunity offering long-term, secure income and a strong covenant. The store is also superbly positioned within the town centre to meet the needs of the local population and an increasing number of visitors to Coleraine plus it benefits from the municipal car parking facilities to the rear of the premises. As the regional centre of the north-east, Coleraine serves a catchment population of over 200,000. Furthermore, the borough of Coleraine accounts for a significant proportion of the annual total tourism spend in Northern Ireland playing host to up to two million visitors each year."
Continuing, Andrew Coggins added: "Owing to the lot size, this property attracted a number of cash-rich investors, which shows that there is still an appetite to buy good-quality property in Northern Ireland. Investors understand that property provides, in many cases, a stronger return than other asset classes and is, therefore, still a worthwhile investment vehicle."
Marks & Spencer has a total of eight Simply Food stores in towns and cities across Northern Ireland that includes Belfast, Armagh, Cookstown and Londonderry.