Leading commercial property agents, Lisney, has received instructions from Irwin Glenbank Ltd, the owner of High Street Mall, Portadown, to place the shopping centre on the market.
Built in 1996, the Mall was extended in 2000 and 2013, and currently occupies 140,000 sq. ft. with 540 car parking spaces.The anchor tenant is Dunnes with others including Home Bargains, Argos, Superdrug, Gordons Chemist, Holland and Barrett, Faith Jewellers and Blue Inc.
The original development successfully renovated the Town Centre, providing modern retail space in a covered Mall environment with dedicated car parking.
Commenting on the sale, Lisney Investment Director, Andrew Marsden, said:
“This is an excellent opportunity for an investor to buy into a well-established retail scheme where there are a number of asset management opportunities to improve the income profile.
“The recent acquisition of the former Ethel Austin unit by Edinburgh Woollen Mills for their Peacocks brand will only further strengthen the scheme and the retail offering in the town.
“Given the strong appetite in the market for retail led investments at present, we would expect good interest from institutional investors and private investment companies”.
A spokesperson for Irwin Glenbank Ltd. said that High Street Mall had served Portadown well since its development but given the changes in the retail sector in Northern Ireland in recent years, the time had now come for a fresh approach and new investment.