Belfast Telegraph

Derry retail park that cost £92m in 2007 sold for £30m

A major retail park in Londonderry has been bought by a Manchester-based firm for a reported £30m
A major retail park in Londonderry has been bought by a Manchester-based firm for a reported £30m

By Mark McConville

A major retail park in Londonderry has been bought by a Manchester-based firm for a reported £30m.

The Crescent Link Retail Park was put on the market in September last year with an asking price of £40.5m, but has now been sold at a reduced price to David Samuel Properties.

Lotus Group, controlled by developer Ciaran Murdock, was selling the retail development and CBRE acted on behalf of the company.

David Samuel Properties has bought a range of properties across the UK recently, including a prominent Gloucester office scheme, a research and production facility in Derbyshire and a collection of eight industrial assets which are known as The Malt Portfolio, in Scotland.

The 260,000 sq ft Crescent Link is in the Waterside area of Derry, around three miles from the city centre.

In the ownership of the Murdock family from Co Down for around 11 years, it attracts a large number of cross-border shoppers from Co Donegal. Tenants of Crescent Link include M&S Simply Food, Argos, DFS, Tesco Express and McDonald's.

It is the second biggest property deal in Northern Ireland this year after Citigroup's purchase of its main Belfast premises from Titanic Quarter for £34m in April.

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In 2007 Lisney bought Crescent Link Retail Park on behalf of a private client for more than £92m. It was described at the time as Northern Ireland's second biggest retail park after Sprucefield in Lisburn.

A brochure for rental units at the park described it as "the dominant retail park in the catchment, equating to around 40% of the catchment's total retail warehouse provision".

A 2012 bid to build a supermarket at the Crescent Link site was refused planning permission.

Asda was later granted planning permission but eventually withdrew its application.

Belfast Telegraph

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