Co Down retail park sold to MJM Group for more than £30m
A major retail park in Co Down has been bought to a Newry fit-out firm for more than £30m.
Damolly Retail Park, has been sold to MJM Group, which is headed by founder Brian McConville.
The Damolly sale was handled by CBRE on behalf of LondonMetric for a sum in excess of £30m while, with law firm Tughans acting as legal advisors.
Developed in 1999, the park provides over 165,000 sq ft of retail accommodation which accounts for around 75% of the total retail warehouse floor space in Newry.
The site, which is fully let, includes a range of business tenants such as B&Q, Lidl, Curry's PC World and McDonald's.
Robert Ditty, director at CBRE, said:
“Damolly Retail Park is considered one of the best performing out-of-town retail parks in Northern Ireland.
“Since the Brexit vote and the subsequent fall of the sterling, the number of cross-border shoppers has risen dramatically, making Damolly a particularly strong trading investment.”
Kenton Hilman, head of corporate and property at Ulster Bank – who financed the deal – said:
“MJM is a longstanding client and we are very pleased to support them in this acquisition, which is one of the largest in the Northern Ireland market this year and signifies continued investor confidence in the local commercial property sector.”