Northern Ireland Commercial Property boosts due to shopping centre sale

Posted on 26 January, 2018 by Bailey Clarke

Northern Irelands’ commercial property market is benefitting from a recent sale when Belfast’s Castle Court Shopping Centre was sold in July 2017 for a staggering £123 million. The property was sold to County Down investment firm Wirefox who have recently been investing in various regions of the United Kingdom. The Castle Court shopping centre purchase should complement their recent investments in the Scottish commercial property market, where Wirefox purchased 6 properties just outside of Glasgow for a total of £35 million.

This sale of Castle Court alone, which is one of the biggest in recent years was a considerable factor in the Northern Irish commercial property market closing in a very strong position for 2017. This brought the total investment figure for the year 24% above the year before at £340 million and at the top of a 5-year average.

2017 also saw changes in the commercial property market due to the rise of demands for long leased assets, such as student accommodation, hotels and gyms which are now transacting on a more frequent basis.

Retail saw lots of movement, with almost £231 million traded through 2017 which dominated the market overall. High-profile transactions included the sale of Tesco Extra in Newry which sold for £27.7 million and another purchase of Tesco in Craigavon for £24 million, 5 Iceland supermarkets also sold throughout 2017 ranging from £700,000 to £1.3 million.

Figures show that private investors played a critical part in the movement of the Northern Irish commercial market in 2017. While private investors were responsible for just 15% of the investment volume in during 2017, they were actually involved in 44 out of 66 deals made.



Related Posts


Leave a Reply


Recent Posts

Why Middlewich could be a good investment

Why Middlewich could be a good investment

Small business POS software guide

Small business POS system guide

Retail Shop layouts: The Options

Retail Shop layouts: The Options

Commercial property investment fund guide

Things to consider when looking to invest in commercial property

How old architecture is adapting to modern surroundings

How old architecture is adapting to modern surroundings

Are cinemas adapting after a decline in sales?

Are cinemas adapting after a decline in sales?

Birmingham office sold in £1.2million deal

Birmingham Office sold in £1.2million deal

Slough Retail Park £63m Sale

Slough Retail Park £63m Sale

UK retail assets sold by St Mowden

UK retail assets sold by St Mowden as retail market slows

Demand for retail space lowest in 9 years

Demand for retail space lowest in 9 years

UK local authorities spend 3.8bn on Commercial Property

UK Local Authorities spend 3.8bn on Commercial Property in the last 5 years.

Retail sector feeling positive in Northern Ireland

Retail sector feeling positive in Northern Ireland

Brexit silver lining for warehouse builder Tritax

Brexit silver lining for warehouse builder Tritax

Tycoon plans £1bn land grab with Network Rail bid

Tycoon plans £1bn landgrab with Network Rail bid

UK Commercial Property investments off to a strong start in 2018

UK Commercial Property investments off to a strong start in 2018

Billions of Midlands investment to be showcased at MIPIM 2018

Billions of Midlands investment to be showcased at MIPIM 2018