A 91,000-square-foot warehouse and distribution facility with electric vehicle charging capabilities in Belfast let to Amazon has been acquired by Lysara in a circa £25 million deal, CoStar News can reveal.
The Queens Road property and an integrated 479-space, multistorey car park was put on the block by UBS Asset Management in September, with Savills instructed to seek offers in excess of £28 million, reflecting a 6% net initial yield.
Amazon UK Services signed a 15-year lease at the site five years ago, with the site, providing access to Belfast Port, generating a passing rent of circa £2 million a year.
Less than half a year later, Lysara has acquired the site at Channel Commercial Park in Titanic Quarter near the iconic Harland & Wolff cranes, expanding its UK portfolio of 45 transport infrastructure assets in a fast-moving transaction.
The buyer said the property matches its strategy of securing transport infrastructure in key logistics corridors and urban markets across the UK and Western Europe.
"The Belfast asset strengthens the platform’s last mile footprint and aligns with its focus on power-enabled sites that support large fleet operators," it said.
In May, the fleet-charging and parking infrastructure specialist appointed Scott Parsons, the former chief operating officer of shopping centre giant Unibail-Rodamco-Westfield in the UK, as its chief executive.
Parsons added: "This is a high-quality asset in a strategically important location. It supports Amazon’s last-mile network and aligns with our focus on securing well located infrastructure with long term power capability as fleet requirements evolve.
"We remain focused on expanding the platform across key European markets and see continued opportunity in last mile, middle mile and transport related outdoor storage assets that can support phased electrification over time."
The facility, which sits on a circa 10-acre plot, was developed to Amazon’s operational specification in 2020 and is used for its last-mile delivery operations across Northern Ireland.
The van park measures circa 320,000 square feet which, along with the circa 90,000 distribution facility, provides an overall footprint of more than 400,000 square feet.
Lysara, advised by Cushman & Wakefield and PDK Partners, said it plans to continue to scale the platform through acquisitions aligned with its transport and power strategy.
Savills was approached for comment.
