Foyleside Shopping Centre in Londonderry officially changes hands for £27m - below the original asking price
and live on Freeview channel 276
The deal had been announced in May, and BBC Northern Ireland had reported at the time that its sale, combined with that of Forestside Shopping Centre on the south-east side of Belfast city, could end up “exceeding £70m”.
An advert on Propertynews.com had put the sale price of Foyleside at £34.3m (and Forestside at £37m – although it ended up being bought a few weeks ago for £5m above the asking price).
Foyleside was developed in the early 1990s and officially opened its doors in 1995, and according to a press release for Savills, the firm which conducted the sale, it is now in the hands of “a locally-based group of investors”.
It quoted director of Duneane Asset Management Donall McCann as saying, on behalf of the new owners: “Foyleside has provided the premier retail offering to the people of Derry and surrounding areas for over 30 years…
"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.”
Foyleside Shopping Centre extends to approximately 364,637 sq. ft arranged over four levels and comprises 53 units, including three “anchor” units (for large-scale, big-name businesses) and six food court units.
Its anchors currently are Frasers, Marks & Spencer, and Dunnes Stores.
Other major shops are Next, H&M, Boots, Holland & Barrett, Monsoon, Waterstones, DV8, and River Island.
The centre has maintained high occupancy levels, with over 98% of the scheme let, and saw footfall exceeding 7.5 million in 2022.
Ben Turtle of Savills said: "Foyleside Shopping Centre is not just a retail destination but a landmark in its own right.
"The combination of strategic location, strong tenant line-up, and development potential makes it a pivotal asset in the Northern Ireland retail landscape.”