THE Fairhill Shopping Centre in Ballymena has gone on the market with a £10 million price tag, six years after it was bought for £45.6m.
The 280,000 sq ft retail complex was acquired in 2015 by London-based Rockspring Property Investment Managers LLP from Ballymena businessman Sam Morrison’s Corbo.
Rockspring was itself acquired two years later by German investment group Patrizia AG.
Real estate firm Savills said it has been instructed to seek offers in excess of £10m, exclusive of VAT, for Fairhill Shopping Centre
The sale of the 8.8 acre site includes a 673-space multi-story car park, and a 5,748 sq ft office building.
Prior to the pandemic, Fairhill’s annual footfall was in the region of 3.9 million. Last year that fell to 2.5 million.
According to Savills’ brochure, ten units are currently vacant, which doesn't include the Debenhams, Topshop, Quiz, Oasis and Burton/Dorothy Perkins units, all of which are in administration and due to close.
Marks & Spencer remains the anchor tenant with a 64,000 sq ft store. Next, River Island, H&M, JD Sports and Sports Direct are among the other key tenants.
The sale comes just days after Shane Retail Park in Belfast went on the market for £19.7m. The Boucher Road shopping location was also previously owned by Corbo, as was Lisnagelvin Retail Park in Derry, which was last week bought by David Samuel Properties for £9.7m.
The Manchester based group also completed the purchase of the Crescent Link retail asset in Derry in late 2019 for £30m and in December, bought Holywood Exchange Retail Park outside Belfast for £17.8m.
