UBS Asset Management (UBS-AM) Real Estate & Private Markets (REPM) business announces that it has acquired a prime last mile distribution facility in Belfast, Northern Ireland, that has been purpose-built for leading global online retailer, Amazon. The property was acquired from Titanic Quarter Ltd for GBP 27 million on behalf of clients of UBS-AM, with the purchase price reflecting a net initial yield of 5.5%. The state-of-the-art development completed in September 2020.
Spread across 9.5 acres, the site comprises 83,915 sq ft of purpose-built modern warehouse space, along with ample office and extensive parking facilities, including multi-story capacity for 480 distribution vehicles alongside 80 car parking spaces. The property has been acquired fully let to Amazon UK on a 15-year lease commencing upon practical completion. It will operate as the company’s sole distribution center serving the entirety of the Northern Ireland market, providing the final step of the delivery process – whereby goods are transported directly from the facility to customers across the country.
The asset is strategically located within Belfast’s Titanic Quarter development, a regenerated cultural and commercial waterside hub north of the city, and is part of the Channel Commercial Park industrial estate, which is home to a diverse mix of manufacturing and distribution companies. The site benefits from its short distance to Belfast’s city center, while its proximity to the M1 and M2 motorways, as well as the Belfast Port and George Best Belfast City Airport, offer strong connectivity to the rest of Northern Ireland and beyond.
|Source : UBS|