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Quayside centre in North West on market at £4.35m

By Margaret Canning

Published 18/10/2016

Quayside Shopping Centre in Londonderry is on the market
Quayside Shopping Centre in Londonderry is on the market

Londonderry's Quayside Shopping Centre has gone on the market for £4.35m - the third shopping centre in the city to go on the market in the last few years.

The 84,600 sq ft centre is on Strand Road and home to supermarket giant Tesco, Subway and Card Factory among other retailers, and an Omniplex cinema.

The centre, which is 98% let, was built in 1993 and is being sold by Londonderry-based Monnaboy Ltd, which was formerly known as McGinnis Group. However, its retail offer is regarded as below that of Richmond Centre and Foyleside, also in the city.

Martin Riddell, associate director at Quayside selling agents Colliers, said he believed its appeal was beyond its retail offering.

"It will be attractive because of the multi-storey car park, which has just under 500 spaces. It's also adjacent to the City Hotel and Travelodge hotels."

However, with its anchor tenants Tesco and Omniplex owning their properties on the site through a long leasehold, a future owner will not earn rent from those occupants but will benefit from footfall.

Mr McKibbin said recent sales of Richmond and Foyleside centres were a good omen.

He said: "The fact that they were sold to outside investors is encouraging."

The Tesco at Quayside is the only large Tesco supermarket on Londonderry’s cityside, remaining a draw for shoppers after the company’s bid to build a new superstore on Buncrana Road was refused planning permission. 

The former Crazy Prices, acquired by Tesco in 1997, has received limited investment.

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

Richmond Centre was snapped up by London asset manager Vixcroft for £20m last year, after administrative receivers were appointed to the asset.

Quayside’s arrival on the market follows the sale of Tower Centre in Ballymena to the town’s retail tycoon Sam Morrison.  Last month, it emerged that Laharna Retail Park in Larne is also on the market, with those selling the business looking for offers over £5.78m, while Strabane Shopping Park is also on sale for £3.29m.

It’s understood both retail sites are owned by UK investment fund Mansford.

Meanwhile, Lisnagelvin Shopping Centre in Londonderry, which was put on the market by British Land last year, is still for sale.

The proposed sale of the Quayside comes as latest retail figures show that Northern Ireland’s shopping centres are faring better than those in the UK as a whole.

Springboard’s report yesterday said centres here reported a 0.6% footfall drop in the year to September, compared to 1.3% over the year as a whole.

Belfast Telegraph

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