Wed, 08 Dec 2010 | BUSINESS SALE
Following the administration of its owner, an Antrim-base shopping centre has been sold.
Castle Mall, located in Market Square, has been acquired by the Edinburgh House business group following the administration of owners The Active Retail Fund.
The shopping centre's former owner - which was jointly managed by Hunter Property Fund Management and Centenary Investments, purchased the premises for £22.4 million in 2005.
Administrators were called in earlier this year and the centre has now been sold to the new owner for an undisclosed sum, although the asking price was thought to be around £5 million.
Commenting on the acquisition, managing director of the Edinburgh House business group, Tony Quayle, said that they were restarting their acquisitions programme due to a 'return in property values to more realistic levels.'
This latest deal marks the firm's first shopping centre purchase in six years. The 10,000 sq ft centre is home to a variety of well-known high street brands including New Look and Dorothy Perkins, but has a current vacancy rate of 30 per cent.
Quayle said, “We are keen to acquire assets where we see the potential to add value over the long term.”
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