Two of fast-growth discount retailer The Range’s stores – those in Glengormley and Banbridge – are part of a £67 million UK-wide sale and leaseback offer being undertaken by CBRE.
The commercial property agency is seeking offers for the opportunity to acquire a sale and leaseback portfolio from what is one of the UK’s most resilient retail brands.
The portfolio comprises 10 stores including two in Northern Ireland, with CBRE NI seeking offers in excess of £12.2m for the Glengormley and Banbridge stores.
Six of the assets are located across England, with one in Wales, and one in the Republic.
All assets in the portfolio will be fully let to Range parent company CDS (Superstores International) Ltd, providing investors with a secure, long income profile.
The Range will provide a rare 15-year lease term with no break options and built in growth with five-yearly CPI linked rent reviews. The properties will all be on full repairing and insuring (FRI) leases.
Andrew Coggins, senior director at CBRE NI, said: “Opportunities to acquire well-located retail warehouse assets with secure income streams and CPI-linked rental growth are increasingly limited in the current market.
“The Glengormley and Banbridge stores, let to a strong and well-established covenant in The Range, offer investors an attractive combination of income security and growth potential.
“Both locations benefit from strong underlying fundamentals, including broad catchment areas and established trading performance, making them highly resilient assets within the retail warehouse sector.
“When combined with the favourable lease structure, this represents a compelling proposition for investors seeking stable returns in a challenging economic environment.”