Savills Northern Ireland has sold the Foyleside Shopping Centre in Derry/Londonderry, Northern Ireland, for £27 mln (€31 mln) on behalf of its client.
Opened in 1995, the shopping centre is a prime retailing destination in the city and is anchored by renowned retail giants Frasers, Marks & Spencer, and Dunnes Stores. It also boasts a wide range of other retailers, including Next, H&M, Boots, Holland & Barrett, Monsoon, Waterstones, DV8, and River Island.
The shopping centre has maintained high occupancy levels, with over 98% of the scheme let, and saw footfall exceeding 7.5 million in 2022.
There are a number of opportunities for the new owners to enhance the value and drive rental income at Foyleside, including potential development of leisure, residential, and office spaces, as well as exploration of lease re-gear opportunities to secure long-term commitment of retailers.
According to Savills Northern Ireland, the combination of Foyleside's strategic location, strong tenant line-up, and development potential makes it a pivotal asset in the Northern Ireland retail landscape.
Ben Turtle, head of Savills Northern Ireland, commented: ‘We are thrilled to confirm the completion of Foyleside Shopping Centre’s sale, a significant transaction highlighting the buoyancy and resilience in the retail sector of Northern Ireland. This centre has been a retail cornerstone in Derry/Londonderry, offering an exceptional and diversified shopping experience to the millions who visit annually.’
The new owners, a locally based group of investors, plan to shape the future of the centre by developing leisure, residential, and office spaces, exploring lease re-gear opportunities, and enhancing the catering offer.
Donall McCann, on behalf of the new owners, said: ‘As a locally based group of investors, we are delighted to add the centre to our portfolio and look forward to shaping its future. It is a testament to all of those involved back in the early 1990s who helped to deliver to the North West region what is still recognised today as one of Northern Ireland leading centres - under our stewardship we intend to continue that legacy.’
