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Derry retail centre is sold off for £14.7m

By John Mulgrew

Published 13/01/2017

Cordatus have acquired Lisnagelvin shopping centre for £14.73m (stock picture)
Cordatus have acquired Lisnagelvin shopping centre for £14.73m (stock picture)

Lisnagelvin shopping centre in Londonderry has been sold for nearly £15m.

UK property investment firm Cordatus Property Trust purchased the retail site from British Land.

Cordatus acquired the development for £14.73m.

The 110,000sq ft site is currently anchored by Tesco, Primark and Poundland.

Cordatus director Gavin Munn said: "We like to invest in convenience shopping centres as they tend to be resilient to economic fluctuations whilst providing attractive income returns."

Alex Bignell, UK head at CBRE Global Investment Partners, said the asset "further enhances the above market income distribution generated".

Cordatus is based in Edinburgh and also has offices in London and the Midlands.

Elsewhere in Derry, Quayside shopping centre is still on the market with an asking price of £4.35m.

The 84,600sq ft complex on Strand Road is home to retailers including Tesco, Subway and Card Factory, as well as an Omniplex cinema.

And Foyleside was sold in 2014 to Kildare Partners, thought to be the backers of original owners Ken Cheevers and John B McGuckian.

Richmond shopping centre was snapped up by asset manager Vixcroft for £20m last year after administrative receivers were appointed.

Commercial property agency CBRE said there was a "notable reduction" in investment volumes in 2016 due to factors such as the vote by the UK to leave the European Union.

Belfast Telegraph

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