Savills Northern Ireland has announced the successful completion of the sale of Riverside Retail Park, Coleraine, to Magmel (Ballymena) Limited for a purchase price of £10.25m, reflecting a Net Initial Yield (NIY) of 6.91%.
Riverside Retail Park is a supermarket-anchored retail park, with tenants including Sainsbury’s and Currys PC World, extending to 70,454sq ft of accommodation on approximately 9.12 acres. This transaction includes the long leasehold interest of the first phase, encompassing the Sainsbury’s superstore and two adjacent retail warehouse units. The park is a key component of the broader Riverside Regional Centre development and is strategically located on the western bank of the River Bann, serving as a central retail hub for the Coleraine region and beyond.
Ben Turtle, head of Savills Northern Ireland, commented on the sale: “We are delighted to have overseen the successful transaction of Riverside Retail Park, a prime retail destination in Coleraine. This sale underscores the resilience and attractiveness of well-located and anchored retail parks in the current market. We believe Magmel (Ballymena) Limited will continue to leverage the park’s strong tenant line-up and prominent location to serve the local community and the wider catchment area.”
The property benefits from 623 surface-level car parking spaces within the ownership and an additional 663 spaces in the adjacent retail park, ensuring convenience for shoppers.
The park is anchored by Sainsbury’s, which renewed its long lease in 2021 and has been in occupation since 1997, contributing to 85.59% of the income.