Northern Ireland

Rushmere shopping centre value written down by £18m

The company which owns Craigavon's Rushmere shopping centre has written down its value by more than £18m.

Most commercial property companies in Northern Ireland have had to revalue their assets downwards to reflect the property crash.

In 2009, the value of the centre was £121m but in 2010 it was £103m.

The directors of Central Craigavon Ltd estimate that the original cost of the centre was £51m giving the shareholders net assets of £58m.

In 2010, Central Craigavon made a pre-tax profit of £153,000 on turnover of £11m, compared to a profit of £346,000 and turnover of £10m in 2009.

The directors said that showed an increase in rental turnover of 7% and "a good gross margin."

They added that they considered the mix of international and national retailers in Rushmere would "enable the business to maximise long term returns".

Rushmere is the main shopping centre in mid-Ulster with Debenhams, Sainsburys and Tesco among its anchor tenants.

It is owned by the Robinson family who also control the Magowan Buildings development in Portadown and the Granville Food Care warehousing business.