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Newry retail park on the market for £5m

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The park on Merchants Quay is home to TK Maxx, among other stores

The park on Merchants Quay is home to TK Maxx, among other stores

The park on Merchants Quay is home to TK Maxx, among other stores

A Newry retail park is on the market, with the owners hoping to net £5m.

The park on Merchants Quay is home to a TK Maxx and Argos, with the agent saying net income from the spaces is £716,155 a year.

The near 60,000 sq ft retail park is one of several on the market or recently sold, including the Flagship Centre in Bangor. The much larger Fairhill Shopping Centre in Ballymena has also been sold.

Fairhill was listed for sale at £10m, less than a quarter the price paid for the 280,000 sq ft building just six years ago when it was bought by a UK-based property fund for almost £46m.

It was sold in June to property company Magell, controlled by the Ballymena-based Walker family.

At an asking price of £5m, the Newry park works out at close to £90 per square foot, more than double the Fairhill listing.

Bangor's Flagship was also sold recently, with local company Brookland Property taking over the 157,000 sq ft centre and 430-space car park.

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Cushman & Wakefield describe Merchants Quay as "Newry's premier in-town retail park with a strong trading history". It is in the centre of the city, close to the larger Buttercrane Centre.

Along with TK Maxx and Argos, the centre is also home to B&M Bargains, Savers, and Peacocks. It also has 110 car parking spaces on site.

The two-decade-old retail park includes a main building along with an annex of two units, home to Savers and Argos.

According to the agent, the park "is prominently situated on Merchants Quay in Newry City Centre, directly adjacent to the Old Creamery Retail Park and a short distance from Buttercrane and The Quays shopping centres”.

Neighbouring stories include Dunnes Stores, Lynas Foods, Dreams, Boyle Bingo, Bogarts, Therapie and the Canal Court Hotel, the agent wrote.

While the centre is on the market, ambitious plans to develop a large neighbouring section of Merchants Quay are proceeding.

Kerr Property Holdings Ltd submitted the application last year for the estimated £9m mixed-use development of apartments and retail.


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