Purchase of Kilroot Business Park ‘positive’

Simon Fleming, Partner at Belfast law firm Millar McCall Wylie who acted for the purchaser in the deal, has referred to it as an “extremely positive development for the Northern Ireland property market.”

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

Simon said: “We were delighted to act for CPG Wallop in the acquisition of the Kilroot Business Park. In particular, the fact that the site has been acquired by a major GB investor is an extremely positive development for the Northern Ireland property market.

“The acquisition is a clear vote of confidence in Northern Ireland in the post Brexit era, cementing the location of major tenants based within the Business Park such as Amazon, Fedex and RYOBI – as well as supporting the growth of the local TV and film industry. There is undoubtedly scope for future development within the site also. The deal is good news for existing and potential tenants, for the local area and for the wider economy.”

CPG Wallop Director Viscount Lymington explained: “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 our 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.”

Viscount Lymington’s co director Sally Turner added: “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.”

Millar McCall Wylie worked alongside Belfast property agents McConnells throughout the process of this acquisition.

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