The Craigavon shopping complex, home to some of the UK and Ireland’s most prominent retailers, has been sold to Killahoey Ltd, a joint venture between Northern Ireland-based companies Sheephaven and May Street Capital.

Having first opened its doors in 1976, Rushmere Shopping Centre has been a major employer in the area ever since. The property, which comprises more than 30 acres and 60 commercial units across the retail park and shopping centre, is the dominant retail scheme within the wider urban area of Craigavon.

MAINTAINING BUSINESS

Grant Thornton was appointed Administrators to Central Craigavon Limited which owns Rushmere on 7^th April 2022, at which time they confirmed the strategy was to maintain business as usual trading with no operational impact for tenants or shoppers, as well as seeking to enhance the centre ahead of taking the asset to the market.

Stephen Cave, Joint Administrator and Head of Restructuring at Grant Thornton in Northern Ireland said: “I am delighted to confirm the sale of the centre. All concerned have worked extremely hard over the last 10 months under our control to not just maintain business as usual but to enhance the retailer offerings at the scheme, evidenced with the recent openings of Primark and Poundland. This has led to increased footfall, more choice for shoppers and additional jobs in the local area.”

‘This is a landmark transaction and underlines the continued high demand for quality retail assets in Northern Ireland’

Ben Turtle, Head of Savills NI

The sale was handled by joint agents, Savills and CBRE NI and the new owners have pledged to invest in the centre, which is the largest shopping destination in the area.

Ben Turtle, Head of Savills Northern Ireland said: “The sale attracted a high level of interest from a number of domestic and international investors. This is a landmark transaction and underlines the continued high demand for quality retail assets in Northern Ireland.”

Andrew Coggins, Senior Director at CBRE NI added: “Rushmere Shopping Centre and Retail Park is the dominant retail offer within the wider Craigavon Urban Area. The sale of Rushmere reflects a resilient market and sets the tone for a strong year in the NI investment sector.”

The post Rushmere Shopping Centre sold to private investors first appeared on Neighbourhood Retailer.

The new store, which will be located in the former Menary’s unit in the retail park, will create 32 new jobs.

With an opening date of Saturday 10^th December – a date the retailer is calling ‘Super Saturday’ – Poundland will open a total of eight new stores, relocations and extensions throughout the UK that day.

The new Rushmere store will cover 14,500 sq ft over two floors and comes as a further boost for the Craigavon shopping centre with Primark set to open its doors there on Friday 16^th December.

All Poundland stores offer a wide selection of everyday essentials across the grocery market, as well as health and beauty products, entertainment, stationery and craft ranges, encouraging customers to do more of their shopping in one visit.

The new Rushmere store will also include a wider range of chilled and frozen food along with the PEP&CO clothing range and homewares.

Earlier this year it was revealed that Rushmere had been sold for more than £56m to LCP, a property business which is new to the Northern Ireland market.

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.

Rushmere Shopping Centre and Retail Park is home to some of the UK and Ireland’s most well-known retailers, and the news of Poundland’s arrival will continue to enhance its retailing appeal.

Poundland Chief Operating Officer, Austin Cooke, said: “This investment in towns and cities up and down the country shows our commitment to bringing shoppers more choice and amazing value, just when they need it most.”

Ben Wall, Poundland director of Property Portfolio, said: “It’s been a tremendous task to get these stores ready to open in time for Christmas and it’s a reflection of the dedication and hard work of all the teams involved at Poundland.

“We also owe a big thank you to the contractors who’ve worked tirelessly to help us get the stores ready and to the property agents who have been busy behind the scenes to keep the timetable on track,” he added.

The post Poundland to open in Rushmere next month first appeared on Neighbourhood Retailer.

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 post Rushmere retail park and shopping centre sold for £56m first appeared on Neighbourhood Retailer.

The post Rushmere Shopping Centre goes into administration first appeared on Neighbourhood Retailer.