Prime Property Investment and Development

Retail Property Investment and Development

Asset Management

With such a significant property portfolio, Asset Management is a fundamental part of our business.

Recent examples of active Asset Management initiatives include:

Case Study 1 – Malvern Shopping Park

  • A 20,000 sq ft extension on the former garden centre site at Malvern Shopping Park let to Café Nero, Carphone Warehouse, Poundland and Card Factory.
  • A recently submitted planning application adjacent to Boots for an additional 6,000 sq ft.
  • Creation of an overflow car park.
  • Improved signage.
  • Re-configuring and re-surfacing of the existing car park to provide additional spaces.
  • Charity events, for example, Community Action Malvern & District.
  • High speed fibre broadband provided by upgrading technology.

Case Study 2 – Chester Retail Park

  • Major frontage improvement works.
  • Break up and re-letting of the former JJB unit for Peacocks and Maplin.
  • Commercialisation initiatives within the car park. For example, Christmas roadshows, smart recycling, new food/coffee concepts.

Case Study 3 – Eastgate Retail Park

  • Re-letting of Unit J to Poundland.
  • Commercialisation initiatives.

Case Study 4 – Manchester Trade Park

  • Trade counter frontage extension along with an upgrade to the frontages across the whole Park.

Case Study 5 - General Initiatives

  • Creation of websites specific to each park.
  • Introduction of new food and leisure concepts.
  • Improving our convenience offer, for example, Click and Collect.
  • Creating places people prefer drives enduring demand for our retail parks. This generates long term growth in rents and capital value, together with an optimal capital structure this delivers sustainable long term value.
  • We apply the same principles in all of our development activities.

Case Study 6 - Kilroot Business Park

Kilroot Business Park

CPG have acquired the freehold interest of Kilroot Business Park in a JV with Wallop Estates.

The 60-acre site is the largest unbroken, single ownership industrial estate in Northern Ireland and is home to 750,000 square foot of accommodation with uses that include distribution, light industrial, manufacturing, residential, leisure, offices, self-storage, TV and film and caravan storage.

Access to the park has improved significantly with recent upgrades to the A2 dual carriageway from Belfast.  In addition, the adjacent power station owned by EPUKI is investing £600m to convert into a more sustainable energy park.  Such major investment into the local area is seen by CPG as hugely encouraging and positive for the future of Kilroot Business Park.

During the COVID-19 lockdown period over 90% of the rents were successfully collected.  Key tenants such as RYOBI, IFS. Glenkrag and Fed-Ex have all extended their leases since 2017.

The average weighted unexpired lease term is 6.5 years and 3.7 years including break options.

The scheme also comprises two development sites of 7.5 acres and 6.6 acres.

The purchase price of £9,350,000 reflects a Net Initial Yield of 16.68% and a triple Net Initial Yield of 13.52% based upon the most recent annual rent receivable of £1,663,540 (averaging a very low £2.33 per sq ft).

The quality of tenants, such as Amazon, Fedex, IFS, RYOBI, PPG, IPC and Glenkrag amongst others, low rents per sq ft and the high yield were key factors in CPG’s decision to invest. There are also numerous potential asset management initiatives including letting of vacant space, lease re-gears, design and build development potential and a rolling refurbishment and reconfiguration programme.

We look forward to working with regional and local stakeholders in helping businesses of all sizes start, grow, and realise their ambitions. We also have the ability at Kilroot to support the continued success of Northern Ireland’s film industry and look forward to expanding this use on the park.