Belfast Telegraph

Landlord puts Sainsbury's building on market

By Margaret Canning

A Sainsbury's supermarket belonging to a major Northern Ireland property company has gone on sale for nearly £20m.

The food store on Strand Road, Londonderry, is being sold by McGinnis Group, now known as Monnaboy Ltd.

Commercial property agent Lisney said it expected "significant" interest in the store, which has a £1.1m yearly rent, from UK institutions and property companies.

Offers of more than £19.4m are being sought for the property, which includes an 0.65 acre development site.

Lisney investment director Andrew Marsden said food stores were the "most buoyant" of the Ulster property market as competition between retailers continued.

"Last month the McGinnis Group confirmed that about £63m of its loans from Bank of Ireland had been absorbed by Nama. A spokesman said the move "had no impact on the day-to-day running of the business".

It reported a loss of £25m in 2010, following a £35m loss in 2009. Liabilities now exceed assets by £58m.