US owner puts £13m price tag on Cityside Retail Park in Belfast

Cityside, formerly known as Yorkgate, was acquired by New York-based MAM in 2014.

THE Cityside Retail Park in north Belfast has been put up for sale by its American owners.

Previously known as Yorkgate under former owner Corbo, the York Street asset was sold to New York-based Marathon Asset Management (MAM) in 2014 as part of a £50 million deal that included Shane Retail Park on Belfast's Boucher Road.

It's understood MAM is close to signing off on a deal to sell the Boucher Road asset, which went on the market in April 2021 with a £19.7m asking price.

It's understood that around MAM paid around £20m for Cityside and £30m for the Shane Retail Park seven years ago.

CBRE has now listed the 14.5 acre asset on York Street for £13m.

The entire portfolio includes a 38,786 sq ft Tesco store, 270,316 sq ft of retail and hospitality units, and 1,100 free car parking spaces.

The site also houses a 14-screen Movie House cinema, which has been given added impetus by the recent closure of the company's well known Dublin Road site.

According to CBRE's listing, the site produces a net rent of £1.74m for the owner, with the vacancy rate currently sitting at 8.5 per cent.

Other tenants include Galaxy Bingo, Lost City Golf, Asda Living, B&M, Home Bargains, Sports Direct, Burger King, Costa Coffee and Card Factory.

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