Northern Ireland

Newry retail development sold for £30m

Tesco shopping trolleys
Image caption The retail development in Newry is leased to Tesco

A retail development in Newry, County Down, which is leased to Tesco, has been sold for more than £30m.

The 93,000 sq ft Tesco Extra on the Downshire Road was sold by Portadown-based Turkington Holdings to Scottish Widows Investment Partnership (SWIP).

Tesco, which has a 25-year lease, has been trading from the property since June and employs 300 people there.

The sale is the biggest investment property deal in NI this year and surpassed the asking price of £27.3m.

'Returning confidence'

The development was funded by Ulster Bank. The bank's Northern Ireland head, Ellvena Graham, said the sale came against the back drop of an improving economy.

"There have been a number of positive signs evident for the local economy in recent months and the completion of this transaction is a further and welcome indication of returning confidence," she said.

Brian Lavery, managing director of the selling agents CBRE Belfast, said it was one of the largest deals seen in recent years and that he expected "further noteworthy transactions in the weeks and months ahead".

Trevor Turkington, director of Turkington Holdings, said the sale "marks a real success story for the Northern Ireland economy".

Other Turkington properties currently being offered for sale include properties let to Tesco, B&Q and Halfords in Craigavon, which have a collective asking price of over £35m.