THE new owners of the Ballymena’s Fairhill Shopping Centre have acquired part of the Riverside Retail Park in Coleraine for £10.25m
Magmel have paid £10.25 million for long-leasehold interest in three large retail units at the site, including the anchor Sainsbury's store.
Magmel is a joint venture launched by Ballymena property firm Magell and Dublin-based Melcorpo.
The deal also includes the Currys PC World and former Argos units, totalling around 70,000 sq ft.
The remainder of the retail park, including the large B&Q unit and the retail block that includes Dunelm, have been retained by Kelvin Properties.
Commenting on the sale, Ben Turtle, head of Savills Northern Ireland said: “This sale underscores the resilience and attractiveness of well-located and anchored retail parks in the current market.
"We believe Magmel (Ballymena) Limited will continue to leverage the park’s strong tenant line-up and prominent location to serve the local community and the wider catchment area.”
According to Savills, the transaction includes the long leasehold interest of the first phase of the retail scheme, encompassing the Sainsbury’s superstore and two adjacent retail warehouse units.
According to Savills, the three units generate around £756,000 per year in rent, with Sainsbury's contributing around 85 per cent.
The supermarket chain, which has been on the site since 1997, renewed its long lease in 2021.
Magell, which is headed by Ryan Walker, owns a growing portfolio of commercial properties, including the Magheramorne Estate, the Royal Mail Centre in Mallusk and a number of Belfast office buildings.
