Foyleside Shopping Centre sold for £27 million
Local businessmen Patrick and Edmund Simpson involved in the deal
Derry's Foyleside Shopping Centre has been bought for £27 million.
It is believed the centre has been purchased by a consortium, including well-known local businessmen Patrick and Edmund Simpson.
Property firm Savills confirmed the retail asset has been sold for around £5 million below the £34.25 million asking price
The centre was being sold by London-based investment firm Kildare Partners, who also recently sold Forestside shopping centre in Belfast.
The Simpsons have partnered with the new owners of the Rushmere shopping centre in Craigavon for the deal. The Co. Armagh shopping centre was bought for £46.2 million in February by a group of investors led by DV8 founder Ian McMahon.
The Simpsons currently own the Brunswick Moviebowl, along with Belfast hotels Benedicts and The Landsdowne.
Foyleside extends to approximately 365,000 sq ft arranged over four levels and comprises 53 units, anchored by Frasers, Marks & Spencer and Dunnes Stores.
The selling agents, Savills, say there are a number of opportunities that exist for the new owners to enhance the centre, including potential development of leisure, residential and office spaces.
Leisure uses include potentially developing a multi-screen cinema on the rooftop of the existing east car park.