Omagh’s Supervalu and Primark site goes on sale for £5 million

THE town centre building that houses Omagh’s Supervalu and Primark stores has been put on the property market with a price tag close to £5 million.

Commercial property consultants CBRE NI have announced that bidding for the three-storey, 69,104 square foot complex will start at £4,885,000.

Both businesses occupying the two respective units contained within the 11-13 Market Street site are tenants protected by long-term leases, meaning any buyer is, in all likelihood, bound to honour those agreements.

Primark’s runs until 2035, while the tenancy rights guarding Musgrave Retail Partners NI Limited, who own Supervalu, do not expire until 2036.

As well as listing the town centre real estate on their website, CBRE NI are also pitching to prospective buyers via a promotional video posted on Youtube, in which they label the site a ‘well let high street investment’, describing Omagh as ‘a strong provincial town with a strong retail core’.

The Primark units has direct access from Market Street, while Supervalu benefits from three entrances, including one on Market Street, second from a car park to the rear of the building, and a third from Scarffe’s Entry.

Highlighting the investment potential of the location, CBRE NI said, “Omagh is an important provincial market town and the county town of County Tyrone…

“Omagh is a major local centre for education, public sector administration and commerce. The population of the Omagh District Electoral Area as at the 2021 census was approximately 18,480 people.”

CBRE NI claim the current income arising from ownership of the property is £470,000 per annum. That means a buyer who purchases the property at £4,885,000 should see ‘a net annual yield’ of nine per-cent.

In theory, it should take a buyer approximately 11 years to recoup the price paid for the site.