OKT, along with joint agents, CBRE have sold Bow House to a UK–based investor, under the instructions of BDO Northern Ireland.
Bow House, based on the busy Bow Street in Lisburn, is a mixed–use retail and office development. Fully let, the three–storey building provides five ground floor retail units and upper floor office accommodation.
Current tenants include Barclays Bank, Vodafone, O2, Card Factory, Iceland Frozen Foods and the Department of Finance and Personnel.
The retail units are bespoke and have been fitted out to each of the tenants’ own requirement, whilst the upper floors are occupied as government offices.
Ross Sweeney of O’Connor Kennedy Turtle, said:
“Bow House presents excellent opportunities for asset management. The building already boasts a great array of tenants – most of whom have recently re–geared their leases at prevailing rental values.
“It will prove to be an excellent and attractive purchase for the investor. Lisburn has always been an excellent centre for retail, preventing leakage to other nearby competition. Bow Street has excellent and complementary tenants in Tesco, Boots, Café Nero, B&M Bargains and Superdrug, whilst Lisburn Square has recently been bought and is currently undergoing an enhancement programme.”
Andrew Coggins, CBRE, joint selling agents said:
“With this sale it is positive to see another UK investor buying in Lisburn, which they clearly view as a city offering potential for both rental and capital growth.
“We believe this healthy demand from new investors seeking opportunities in NI will continue to strengthen going into 2016. We have seen over £250 million of investment transactions in Northern Ireland to date and forecast a further £250 million of deals to close by the end of the year.”
