Property company on track for £90m shops sale
One of Northern Ireland’s biggest property firms is said to have sold a London shopping centre for over £90m.
Belfast-based property firm William Ewart Properties, owned by Frank Boyd and Andrew Creighton, is rumoured to have sold Victoria Place, at London's Victoria Station.
Network Rail, which bought Victoria Place, intends to redevelop the centre to reduce congestion in the station.
Ewart's bought the centre in 2007 for a reported £92.5m in a transaction funded by Ulster Bank.
The firm is also planning a major redevelopment of Belfast city centre, a scheme known as Royal Exchange, and owns other retail centres in west London including the shopping complex above Fulham Broadway station and the Broadway centre in Hammersmith which are also up for sale.
The firm also owns shopping centres in Edinburgh and Hampshire and mixed use developments in Germany.
The Royal Exchange project was announced six years ago and aims to renew an area between Royal Avenue and the Cathedral Quarter.
The 11-acre site area between Donegall Street and Royal Avenue takes in the historic North Street arcade which was burnt down in 2004. The proposed development includes more than 200 apartments, an hotel, an arts centre, car parking and retail units.
In March this year it was announced that government cash earmarked for the Royal Exchange project had been put on hold until the next budget period and was available for redistribution.