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

Britishsteel Getty Images

British Steel on the verge of collapse with over 20,000 jobs at risk

Notre Dame de Paris

Paris watches as flames engulf one of France’s most famous landmarks

Debenhams 2018

Debenhams on the brink of administration as board reject Ashley’s bid

Emmanuel_Macron

Emmanuel Macron pushes for a new Europe with European Parliament elections on the horizon

Brexit impacts property market

Brexit uncertainty impacts the property market

Oxford_Street_Selfridges_Christmas_Decorations_2017

Creative Christmas window displays

Toronto downtown skyscrapers

Brief history of skyscrapers

Savvy promotions attract early Christmas sales for retailers

Are savvy promotions attracting Christmas sales for retail stores?

Greenfield developments

Greenfield developments: The facts

facts about converting chapels churches

Things to consider when investing in church or chapel conversions

Lincoln Castle 1068

Exploring Lincoln Castle’s Georgian and Victorian Prison

the leopard inn Burslem

Facts about The Leopard Inn, Stoke-on-Trent

ancient high house Stafford

The majestic Ancient High House in Stafford

retro video game arcades

Retro video game arcades: The comeback

industrial style offices

How to achieve an industrial inspired office

When to decide if a building should be demolished

When old buildings should be demolished