Big brand sale and leaseback portfolio comes to market with two assets in Northern Ireland

CBRE is seeking offers over £67m for the opportunity to acquire a sale and leaseback portfolio from The Range, one of the UK’s most resilient retail brands.

The portfolio comprises 10 stores. Two are located in Northern Ireland – in Glengormley and Banbridge – with CBRE NI seeking offers in excess of £12.2m for both assets.

Six of the assets are located across England, with one in Wales, and one in the Republic of Ireland. The portfolio has a broad geographical spread, with the stores in locations characterised by limited competition and strong catchment fundamentals.

All assets in the portfolio will be fully let to CDS (Superstores International) Limited, trading as The Range, providing investors with a secure, long income profile. The Range will provide a rare 15-year lease term with no break options and built in growth with 5 yearly CPI linked rent reviews (1-3%). The properties will all be on full repairing and insuring (FRI) leases.

Andrew Coggins, Senior Director at CBRE NI, said:

“Opportunities to acquire well-located retail warehouse assets with secure income streams and CPI-linked rental growth are increasingly limited in the current market. The Glengormley and Banbridge stores, let to a strong and well-established covenant in The Range, offer investors an attractive combination of income security and growth potential.

“Both locations benefit from strong underlying fundamentals, including broad catchment areas and established trading performance, making them highly resilient assets within the retail warehouse sector. When combined with the favourable lease structure, this represents a compelling proposition for investors seeking stable returns in a challenging economic environment.”