Rushmere mall on the block for £57m

Rushmere shopping centre and retail park, which was placed into administration earlier this year, has been put up for sale through CBRE and Savills for £57m. The property, which spans 30 acres and comprises more than 50 shops with Primark as its anchor tenant, is the dominant retail scheme in Northern Ireland’s Craigavon. Its sale will be one of the largest in Northern Ireland so far this year. The scheme was placed into the hands of administrators at Grant Thornton in April this year, following the collapse of companies related to Moyallen Holdings Group. Grant Thornton was appointed administor of Central Craigavon Ltd, its sister company Moyallen Properties Ltd, which alongside the Rushmere owns Magowan West shopping centre in Portadown, Moyallen Woking, and Peacocks Centre in Surrey. Andrew Coggins, senior director at CBRE Northern Ireland, 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 opportunity.” Recent accounts for the year ending December 2019 for the company that holds Rushmere show the value of centre had been revised down from £95m to £58m. To send feedback, e-mail samantha.mcclary@eg.co.uk or tweet @samanthamcclary or @EGPropertyNews Image courtesy of PR