A London-based property investment firm has bought a commercial development in County Down for £28.4 million.
The Damolly retail park in Newry, County Down, has been sold to a London-based
property investment firm for £28.4 million.
Included in the deal is a nearby site with planning permission granted for another
commercial development, which will provide sellers Corbo with an additional £6.5 million when it is let, the BBC reports.
The park was bought by Corbo for around £35 million back in 2005 and new owner Metric Property Investments sees the acquisition as satisfying key criteria for its future plans.
Metric chief executive Andrew Jones told the news provider: "The park is let off low rents to a high-quality line-up of tenants where we believe that we can extract further value by using our core asset management skills to increase income."
Earlier this month, the Belfast Telegraph noted that investors are feeling a wave of "cautious optimism" rippling through the commercial property market in Northern Ireland.
Posted by Allan Flowers.
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