Coleraine’s Riverside Retail Park sells for £30 million

TDK Property Consultants announced the successful sale by Kelvin Properties Ltd to Magmel (Ballymena) Limited for a purchase price of £30 million.

The Ballymena-based purchaser already owns the adjacent section of the park, which includes the Sainsbury’s store, now bringing the entire Riverside scheme under single ownership for the first time since it was constructed.

Mark Thallon, Partner at TDK Property Consultants, said he was delighted to have overseen the transaction involving one of Northern Ireland’s strongest retail destinations.

“This sale underscores the continued resilience and attractiveness of well-located, strongly anchored retail parks in the current market,” he said.

“Retail warehouse parks, in particular, have demonstrated exceptional resilience in recent years, with strong tenant demand and consistently low vacancy rates presenting compelling opportunities for investors.

“We believe Magmel (Ballymena) Limited will continue to build on the park’s excellent fundamentals, leveraging its prominent location and strong tenant line-up to serve both the local community and the wider catchment area.”

Ryan Walker, Director at Magmel, added: “Following our acquisition in 2023 of the Sainsburys, Currys and former Argos unit from British Land, we are delighted to have completed the purchase of the remainder of the park.

"This is a significant milestone for Riverside as it marks the first time the entire park has been under local ownership. This acquisition is a key part of our journey as we continue to expand our growing portfolio.

"With its enviable location and high-quality anchor tenants, Riverside aligns perfectly with our existing assets in the sector, and we look forward to building on its strong performance in the years ahead.”