Craigavon retail development sites sold for £35m

A retail development in Craigavon which is leased to B&Q, has been sold for almost £12m.

The store was sold by Portadown-based Turkington Holdings to a Jersey-based property fund, the Bishopsgate Long Term Property Fund Unit Trust.

The 84,000 sq ft development is let to B&Q until 2026 at an annual rent of £1m. The sale price of £11.9m surpassed the asking price of £11.45m.

Last month Turkington’s sold a Newry development, which is leased to Tesco, for more than £30m.

It emerged on Wednesday that British Land has bought the development on the Highfield Road which is let to Tesco for an annual rent of around £1m with a lease running until 2035.

The retail development in Craigavon was bought for £23m.