British Land Company plc sells Riverside Retail Park Coleraine to Magmel (Ballymena) Limited for £10.25m - tenants include Sainsbury’s and Currys PC World

International property agents Savills said the London-based owners of the property, British Land Company Plc, sold the property to Magmel (Ballymena) Limited.

Savills said the expected annual rental income from the property (Net Initial Yield) would be 6.91% of the purchase price.

Riverside Retail Park is a supermarket-anchored retail park, with tenants including Sainsbury’s and Currys PC World, extending to 70,000 sq. ft of accommodation over 9.12 acres.

Ben Turtle, Head of Savills Northern Ireland, said: “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 park is a key part 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 wider Coleraine region.

It is anchored by Sainsbury’s Supermarkets Limited, which renewed its long lease in 2021 and has been a tenant since 1997, contributing to 85.59% of the income.

It has a total current net rental income of £760k per annum and an average unexpired lease term of 11.12 years.