Belfast Telegraph

Portadown shops mall goes on market for £2.8m

By Clare Weir

A Co Armagh shopping centre has gone on the market for £2.8m. Commercial property agents, Lisney, said they been instructed by Irwin Glenbank Ltd to place the shopping centre on the market.

Built in 1996, the complex was extended in 2000 and 2013, and currently occupies 140,000sq ft with 540 car-parking spaces.

The anchor tenant is Dunnes with others including Home Bargains, Argos, Superdrug, Gordons Chemist, Holland and Barrett, Faith Jewellers and Blue Inc.

Lisney investment director, Andrew Marsden, said that the sale was an excellent opportunity for an investor to buy into a well-established retail scheme with room for further improvement.

"The recent acquisition of the former Ethel Austin unit by Edinburgh Woollen Mills for their Peacocks brand will only further strengthen the scheme and the retail offering in the town," he said.

"Given the strong appetite in the market for retail-led investments at present, we would expect good interest from institutional investors and private investment companies".

A spokesman for Irwin Glenbank said that High Street Mall had served Portadown well since its development but given the changes in the retail sector in Northern Ireland in recent years, the time had now come for a fresh approach and new investment.

The news follows the sale of a string of other Northern Ireland shopping centres from an eight-strong portfolio. This week trade magazine Property Week said that Foyleside in Londonderry and Forestside in Belfast were being sold to venture capital firm Kildare Partners – backers of previous owners, businessmen John B McGuckian and Ken Cheevers – for a combined £130m.

The pair's Abbey Centre in Newtownabbey is among three centres bought by New River Retail alongside US firm PIMCO, which had earlier been linked to a purchase of Nama's Northern Ireland loans.

They have also bought Priory Meadow in Hastings and The Avenue in Newton Mearns – with the three premises estimated as having a combined price of £140m.

Meanwhile, Standard Life Investments is buying Palace Exchange in Enfield for around £60m, while Kennedy Wilson Europe has bought the Marshes Centre in Dundalk for around £30m.

Fosse Park in Leicester remains on the market, with the Crown Estate rumoured to be a potential bidder for the £360m retail park, regarded as the jewel in the crown of the portfolio.

Belfast Telegraph

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