Local ownership milestone as Magmel secures full control of Riverside Retail Park in £30m deal

Riverside Retail Park, Coleraine

A Ballymena-based property company headed by local businessman Ryan Walker has completed a landmark £30 million acquisition that brings one of Northern Ireland’s most prominent retail destinations under single local ownership for the first time.

Magmel (Ballymena) Limited, which owns the Fairhill Shopping Centre in Ballymena, has acquired Riverside Retail Park in Coleraine from Kelvin Properties Ltd, in a transaction overseen by TDK Property Consultants.

The deal completes Magmel’s ownership of the entire Riverside scheme, following its 2023 purchase of the adjacent section of the park from British Land, which included the Sainsbury’s, Currys and former Argos unit.

With this latest acquisition, the full Riverside Retail Park is now controlled by a locally headquartered company with deep roots in County Antrim.

Strengthening a Ballymena-led property portfolio

For Magmel, the acquisition represents another significant step in the expansion of a growing retail-focused property portfolio anchored in Northern Ireland.

Riverside Retail Park extends to over 275,000 sq ft of retail warehouse accommodation across approximately 33 acres, with a strong line-up of national occupiers including B&Q, Marks & Spencer, Dunelm, Halfords and Pets at Home.

The wider Riverside Regional Centre occupies a strategic location on the western bank of the River Bann and serves as a key retail hub for Coleraine and the surrounding north-west region.

‘A significant milestone for Riverside’

Ryan Walker, Director at Magmel, said the acquisition marked an important moment both for the company and for the retail park itself.

“Following our acquisition in 2023 of the Sainsburys, Currys and former Argos unit from British Land, we are delighted to have completed the purchase of the remainder of the park.

“This is a significant milestone for Riverside as it marks the first time the entire park has been under local ownership.

“This acquisition is a key part of our journey as we continue to expand our growing portfolio. With its enviable location and high-quality anchor tenants, Riverside aligns perfectly with our existing assets in the sector, and we look forward to building on its strong performance in the years ahead.”

The move reinforces Magmel’s reputation as a locally driven investor with a long-term approach to town-centre and out-of-town retail assets, following its stewardship of Fairhill Shopping Centre in Ballymena.

Confidence in resilient retail parks

TDK Property Consultants, which advised on the sale, said the transaction underlined the continued strength of well-located retail warehouse parks despite wider challenges in the retail sector.

Mark Thallon, Partner at TDK Property Consultants, said:

“This sale underscores the continued resilience and attractiveness of well-located, strongly anchored retail parks in the current market. Retail warehouse parks, in particular, have demonstrated exceptional resilience in recent years, with strong tenant demand and consistently low vacancy rates presenting compelling opportunities for investors.

“We believe Magmel (Ballymena) Limited will continue to build on the park’s excellent fundamentals, leveraging its prominent location and strong tenant line-up to serve both the local community and the wider catchment area.”

Strategic location and strong footfall

Riverside Retail Park benefits from excellent transport links, positioned close to the convergence of the A37, A29 and A26, and is served by two mainline railway stations alongside frequent local and regional bus services.

Coleraine, the largest town in the surrounding area, also attracts substantial tourist footfall linked to the Causeway Coast, further strengthening the park’s trading profile. Extensive surface-level car parking adds to the scheme’s appeal for shoppers across the region.

With the park now fully under Ballymena-based ownership, the deal is being viewed locally as both a commercial success and a symbolic vote of confidence in Northern Ireland’s retail property market.