Belfast Telegraph

Co Londonderry's Diamond Centre sparkles in £2.25m sale

By Jamie Stinson

Coleraine's Diamond Centre has been pulled out of administration after its £2.25m purchase by an Omagh-based property firm.

Old Coach House Properties Ltd bought the Co Londonderry shopping centre, which went into receivership in 2013, from administrative receivers for Bishopsgate Shopping Centres Limited, part of Valto Ltd.

Valto, which was owned by brothers Thomas and Francis Jennings - once two of Northern Ireland's richest men - went into administration in October 2013. Its property portfolio also included Lisburn Square and St Anne's Square.

The centre's tenants includes retailers such as Sports Direct, TK Maxx and New Look.

TDK Property, which handled the purchase on behalf of Old Coach House Properties, said the new owner would invest in the complex and make it the "heart of Coleraine town centre."

Tanya McKeown, partner at TDK Property, said: "The centre has had little investment in recent years and has lost a number of tenants. We are already looking with our design team at reinvigorating the centre.

"Our client has bought the centre with the full intention of investing in it and making it the heart of Coleraine town centre.

"We believe the town centre and the retail park can complement each other and together strengthen Coleraine's position as the key retail destination in the north of the province. Over the next few months we will be talking with the existing tenants about our plans."

The sale includes the former Tempest unit on Abbey Street.

George Duddy, a DUP Causeway, Coast and Glens councillor, welcomed the news. "It shows that there is a bit of positivity in the market. It is one of the larger outlets in the town and it would be great to see it filled to capacity."

Belfast Telegraph