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Rushmere Shopping Centre sold in biggest commercial deal of the year

Rushmere Shopping Centre for sale

Rushmere Shopping Centre and retail park in Craigavon has been sold for more than £56million.

It is the biggest commercial sale in Northern Ireland this year, according to the Belfast Telegraph.

The paper reports that the site is being sold off to LCP — a property business which is new to the Northern Ireland market.

The complex – popular to shoppers near and wide – is one of the largest in Northern Ireland. It extends to approximately 350,666 sq. ft and comprises over 50 ground floor retail units in addition to mall kiosks.

Occupiers of note include Primark (incoming), Boots, Home Bargains, H&M, Superdrug, River Island, TK Maxx, Dunnes and JD Sports.

The Retail Park is located immediately adjacent to the shopping centre and measures approximately 134,365 sq ft. Occupiers of note include Homebase, Matalan, Next, Poundland and Currys PC World.

The original centre was constructed in 1976 and was extended in 1998 and again in 2004.

The recently vacated Sainsburys unit benefits from having its own dedicated surface level service yard while all other shopping centre units have basement level service access.

Speaking earlier this summer, when the site went on the market, Andrew Coggins, Senior Director at CBRE NI, said: “Rushmere Shopping Centre and Retail Park is a very exciting asset to bring to the market in Northern Ireland, and is currently the largest investment asset to come to the market in Northern Ireland to date this year.”

Ben Turtle, director at Savills, added: “The scheme is fully let to a number of well-known and prominent tenants, so we anticipate that there will be strong investor interest in this investment opportunity.”

It remains to be seen what plans the new owners have but a fresh impetus could be placed on filling all the remaining empty units.

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