Rushmere retail park and shopping centre sold for £56m

Rushmere retail park and shopping centre sold for £56m

One of the largest shopping centres and retail parks  in Northern Ireland has been sold for more than £56m.

Rushmere Shopping Centre in Craigavon is now sale agreed after it was placed on the market earlier this summer with a price tag of £57m. It’s understood there was significant interest in the property.

The major site is being sold off to LCP — a property business which is new to the Northern Ireland market.

The sale of the commercial property asset is believed to be the biggest of its kind so far this year.

The property was marketed by commercial property agents Savills and CBRE NI in what they had anticipated would be the biggest investment of the year. Neither wished to comment on the deal.

Speaking about the shopping centre, Neil McShane of commercial property consultancy Inprio, said it’s arguably among the top five major retail spots in Northern Ireland.

“While the shopping centre sector has suffered in recent years, retail parks have continued to perform well and attract strong levels of investor interest,” he said.

The property, which comprises more than 30 acres across the retail park and 50 commercial units in the shopping centre, is the dominant retail scheme within the wider urban area of Craigavon.

Rushmere Shopping Centre and Retail Park is home to some of the UK and Ireland’s most well known retailers, and the recent anchor letting secured to Primark will enhance its retailing appeal.

Other retailers include Boots, Home Bargains, Superdrug and Dunnes Stores in the shopping centre, as well as Homebase, Matalan, Next and Currys/PC World in the retail park.