Savills Ireland instructed to bring landmark Belfast Port facility to market as an investment opportunity
A sprawling warehouse facility in Belfast Port, the base for Amazon’s distribution network across the north, has gone on sale for close to £29 million as an investment opportunity.
The purpose-built last-mile warehouse and distribution centre at Channel Commercial Park in the Titanic Quarter is being sold via commercial property agency Savills Ireland.
Constructed in 2020, the state-of-the-art property extends to 411,185 sq ft on a self-contained site of approximately 9.5 acres.
It comprises a 91,077 sq ft distribution warehouse, 9,282 sq ft of offices, and a 479-space triple-deck van park extending to more than 320,000 sq ft.
The property is let in its entirety to Amazon UK Services Ltd on a straight 15-year full repairing and insuring lease from September 2020, at a current rent of £2,068,090 per annum.
The lease incorporates five-yearly upwards-only rent reviews, compounded annually to CPI, with a collar and cap of 1.5% to 2.75%.
Located within the well-established Belfast Harbour industrial area, the asset benefits from excellent connectivity to Belfast Port, the city centre, and the wider motorway network.
It represents Northern Ireland’s only purpose-built last mile distribution centre, designed to Amazon’s specific requirements.
Ben Turtle, head of Savills Northern Ireland, said: “This is an exceptional opportunity to acquire a prime logistics asset underpinned by a long lease to one of the world’s strongest covenants.
“The combination of Amazon’s commitment to the building, the strategic location within Belfast Harbour, and the quality of the specification will appeal to both domestic and international investors seeking secure income in a resilient sector.”
The facility is being offered with a guide price of £28.83 million for the long leasehold interest, reflecting a net initial yield of 6.00%.
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https://couriernews.co.uk/blog/prime-amazon-occupied-belfast-logistics-site-goes-on-sale-for-29m/