Ballymena retail park sold to local investor for undisclosed sum

Northern Ireland commercial property agent, CBRE NI, has sold Phase 2 of Braidwater Retail Park in Ballymena to a local investor for an undisclosed sum.

The 93,000 sq ft asset which has tenants including The Range, Harry Corry and Smyths Toys has been purchased by Magmel (Ballymena) Ltd.

Commenting on the deal, Andrew Coggins, senior director at selling agents CBRE NI, said: “The sale of Braidwater Retail Park is just the latest in what has been a strong year for investment sales volumes in Northern Ireland.

“Retail in general and in particular retail warehouse parks have been greatly resilient over recent years with strong tenant demand and resulting low vacancy rates presenting attractive prospects to investors.

“This transaction illustrates that, while the wider market is challenging, there is still significant levels of strong buyer interest where quality assets are concerned.

“Following our purchase of Phase 1 Braidwater Retail Park in 2022, we are delighted to acquire Phase 2 as we continue to expand our growing portfolio.

“With its enviable location and strong anchor tenants, the park aligns with our other assets in the sector and we look forward to building on its exceptional performance in the years ahead.”

CBRE NI’s recent quarterly report covering the first nine months of the year found that retail assets had accounted for 71% of all real estate investment activity. Meanwhile 75% of the total property investment spend over the period was made by domestic investors.