Property News - Pillar rakes in £24m from sale of Bangor park

Hercules Unit Trust manager Pillar Property has sold the 112,325 sq ft (10,435 sq m) Clandeboye Retail Park in Bangor, Northern Ireland, to a private investor for£24 million, reflecting a net initial yield of 6.25 per cent.

The park has a restricted planning consent. It consists of eight units, with tenants including Currys, PC World, MFI, Carpetright, Harveys, Pets At Home and Halfords.

The sale follows an intensive reconfiguration programme that included relocating Currys to a larger 26,500 sq ft (2,460 sq m) unit, and creating an 11,500 sq ft (1,070 sq m) shop for PC World.

There is still one unit of 10,000 sq ft (930 sq m) available to let.

Pillar director Valentine Beresford said: 'Hercules is increasingly focusing on parks with open A1 planning of a sufficient size from which we can create a more sophisticated product to attract traditional high street tenants.'

Wilkinson Williams and Osborne King acted on behalf of Hercules.