Richmond Shopping Centre, L’Derry, Northern Ireland
In Q3 2014 Lisney was instructed to market The Richmond Centre in L/Derry. Purpose built in the 1980s, the Richmond Centre is located in the city’s prime retail pitch and comprises approximately 100,000 sq ft of retail space over three levels.
Lisney attracted a number of popular brands such as Nando’s, Argento, Sports Direct and Peacocks to the scheme through 2013/2014 meaning that the majority of the shopping centre had been let before it was placed on the market.
In December 2014 the scheme was acquired by Vixcroft/Chenavari for £19.7 million after going to second round bids. This was primarily due to the strong occupancy levels in the scheme which provide a solid income return and the opportunity to drive future rental growth alongside a number of other asset management initiatives.
The level of interest from investors in Richmond Centre and other investment assets in Northern Ireland demonstrates the continued strength and depth of the market which we are seeing continue into 2015.