The property sector in Northern Ireland continues to be bolstered by the retail market, the nation’s “most sought after sector” according to a new report by Lisney.
The report covers the third quarter of this year, which has seen retail in the country receiving a great deal of investment from some big names. The Belfast Telegraph reported this week that Sports Direct Owner Mike Ashley could soon be the owner of the Donegall Arcade, whilst Belfast city centre will soon gain chains like Boux Avenue, Pep & Co and Greggs.
“Retail investments remained the most sought after sector due to the traditional Northern Ireland yield gap with the rest of the UK,” the report said.
“However, this gap has tightened in recent months as a result of the weight of capital in the market.”
The three month period also saw the conclusion of the ‘Olympic portfolio’: the sale of some of the country’s biggest retail parks. This included the Fairhill Shopping Centre in Ballymena to Rockspring Property Investment Managers for over £45m, the £27m sale of the Showgrounds Retail Park in Omagh to Pradera and Tristan Capital, and the £16.5m deal for Lisnagelvin Retail Park by M&G.