Ballymena property firm buys Riverside Retail Park in Coleraine
In a sign of confidence in the Northern Ireland retail market, local property firm Magmel (Ballymena) has purchased part of the Riverside Retail Park in Coleraine for £10.25m.
The development consists of three large retail units, including a Sainsbury's supermarket. Magmel, a joint venture between the Ballymena-based Walker family and Dublin businessman Nick Furlong, also owns the Fairhill Shopping Centre in Ballymena.
The development was sold by British Land, a major UK property company. It has net rental income of £756,000 and average unexpired lease terms of just more than 11 years.
Ben Turtle, from selling agents Savills Northern Ireland, said:
"This sale underscores the resilience and attractiveness of well-located and anchored retail parks in the current market.
"We believe Magmel will continue to leverage the park's strong tenant line-up and prominent location to serve the local community and the wider catchment area."
This is the latest large retail deal in Northern Ireland.
In September, the Belfast couple Michael and Lesley Herbert bought the Forestside shopping centre from Kildare Partners, while the same firm also sold the Foyleside centre to a consortium of local business people.
The Riverside retail park is a popular destination for shoppers from Coleraine and the surrounding area. It is also home to a number of other major retailers, including B&M, Argos and Currys PC World.
The sale of the park to Magmel is a positive sign for the local economy and shows that there is still investor interest in the Northern Ireland retail market.