Construction BUSINESS

The largest single commercial property transaction in recent years in Northern Ireland has taken place. The deal was completed by Wirefox Investment Group – a client of Savills Northern Ireland.

Wirefox is a Northern Irish-based investment firm with a portfolio of assets across the United Kingdom and Ireland. They have acquired CastleCourt Shopping Centre in Belfast for c. £125m from Hermes Fund Managers Limited. CastleCourt Shopping Centre opened in 1990 and became Belfast’s first major shopping centre.

The centre, anchored by Debenhams, boasts an annual footfall in excess of 12.5 million, and the city’s largest car park, with 1,600 spaces. Other retailers based at the centre include Boots, Argos, Vodafone, Toys R Us, Dorothy Perkins, Jack & Jones and Costa. Savills claim there is also strong interest from several exciting new entrants, which is likely to further enhance the retail offering over the next few months.

Speaking this week, Head of Office at Savills Northern Ireland, Ben Turtle said, “We’re delighted to have assisted Wirefox in their acquisition of CastleCourt – adding to their strong portfolio of property assets across the UK. Despite the shock of Brexit and ongoing political uncertainty, the retail sector in Northern Ireland continues to perform strongly, with positive retailer performances and robust letting activity.”