Newry Tesco site on market for £27.3million

July 8, 2013

The recently opened Tesco Extra store on the edge of Newry city has been placed on the market for a whopping £27.3 million. The store which opened in June is described by the property selling agents, CBRE, as the dominant supermarket in the area.

Site developer Turkington Holdings has put the property on the market with institutional buyers such as pension funds expected to snap it up.

The 93,000 sq ft building, which includes a car park with 531 spaces is let to Tesco for 25 years at an income of around £1.6m per year.

Considerable interest is expected in the store considering the appetite of institutions across the UK for prime retail investments in Northern Ireland.

Selling Agent CBRE said, “Newry has a reputation as one of the best provincial shopping locations in Ireland, attracting large numbers of shoppers from both Northern Ireland and the Republic of Ireland.”