Belfast Telegraph

Shopping centre bought by UK property group

A SHOPPING centre in Antrim has been sold after its owners went into administration.

Castle Mall at Market Square in the town has been bought by the Edinburgh House business group for an undisclosed sum.

It is the group's first shopping centre purchase in six years. The firm's managing director Tony Quayle said it was returning to the market because property values were returning to more realistic values. The guide price sought by the receiver was £5m.

The Active Retail Fund, co- managed by Hunter Property Fund Management and Centenary Investments, acquired the premises in 2005 for £22.4m.

A receiver was then appointed in June 2010.

The centre's current vacancy rate is 30%, with existing tenants at the 100,000 sq ft complex including Dunnes Stores, New Look and Dorothy Perkins.

It was part of a portfolio of shopping centres which also included the Guineas in Newmarket, Suffolk, and the Priory in Worksop.

Edinburgh House's managing director Tony Quayle said: "We are keen to acquire assets where we see the potential to add value over the long term."