Magmel (Ballymena) Limited has completed a significant acquisition, purchasing Riverside Retail Park in Coleraine for £30 million. This deal marks the first time the entire retail park has been under single ownership since its construction. The acquisition by Magmel, which already owned a portion of the park including the Sainsbury’s store, consolidates control and is seen as a strategic move to enhance the retail destination.
Key Takeaways
- Magmel (Ballymena) Limited has acquired Riverside Retail Park for £30 million.
- This acquisition brings the entire park under single ownership for the first time.
- The deal includes major retailers such as B&Q, M&S, Dunelm, Halfords, and Pets at Home.
- The park is strategically located and benefits from strong transport links and tourist footfall.
Strategic Consolidation
The transaction, overseen by TDK Property Consultants, saw Kelvin Properties Ltd sell the retail park to Magmel. This move is particularly noteworthy as Magmel had previously acquired an adjacent section of the park in 2023, which housed the Sainsbury’s, Currys, and former Argos units. The completion of this latest purchase means the entire Riverside scheme is now under local ownership.
Mark Thallon, Partner at TDK Property Consultants, highlighted the resilience of well-located retail parks in the current market, noting strong tenant demand and low vacancy rates. He expressed confidence that Magmel will leverage the park’s prominent location and existing tenant base to further serve the community and wider region.
Future Outlook
Ryan Walker, Director at Magmel, described the acquisition as a significant milestone and a key part of the company’s expanding portfolio. He stated that Riverside Retail Park’s location and high-quality anchor tenants align perfectly with their existing assets. Magmel anticipates building on the park’s strong performance in the coming years.
Riverside Retail Park spans over 275,000 sq ft of retail warehouse space across approximately 33 acres. Its current occupiers include prominent brands such as B&Q, M&S, Dunelm, Halfords, and Pets at Home. The park is a vital retail hub for Coleraine and the surrounding Causeway Coast area.
Location and Accessibility
The retail park boasts excellent transport connectivity, situated near the A37, A29, and A26 roads. It is also well-served by two mainline railway stations and frequent bus services. The area’s appeal to tourists visiting the Causeway Coast further contributes to the park’s footfall. Ample surface-level parking is available for shoppers, enhancing convenience.
Sources
- Riverside Retail Park bought by Ballymena company for £30 million, Belfast Live.
- Popular café at Yorkshire retail park closes, Yorkshire Live.
