Tuesday, September 21, 2021
Real EstateUK

Fairhill Shopping Centre in Ballymena up for sale

Ballymena

The retail complex was acquired in 2015 by Rockspring Property Investment Managers from Sam Morrison’s Corbo

The Fairhill Shopping Centre in Ballymena has gone on the market with a £10 million price tag, six years after it was bought for £45.6 million.

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 £10 million, exclusive of the Value Added Tax (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 Covid crisis, Fairhill’s annual footfall was in the region of 3.9 million. It dropped to 2.5 million last year.

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 at the place.

The sale comes just days after Shane Retail Park in Belfast went on the market for £19.7 million. 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 £9.7 million.

The Manchester based group also completed the purchase of the Crescent Link retail asset in Derry in late 2019 for £30 million and in December, bought Holywood Exchange Retail Park outside Belfast for £17.8 million.

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