Sainsbury’s building goes on the market

A Sainsbury’s supermarket building has gone on sale in Northern Ireland.

The commercial property on Strand Road, Londonderry is being sold by McGinnis Group, now known as Monnaboy Ltd. It’s thought to be going for almost £20 million.

Commercial property agent Lisney is quoted by the Belfast Telegraph as saying it expects there to be “significant interest” in the property. According to reports, the building rents at around £1.1 million annually.

An investment manager for the commercial property agent told the newspaper that food stores are currently faring the best on the Ulster property market. He added that there is still healthy competition between retailers fuelling this.

Offers above £19.4 million are being considered for the building and it comes with 0.65 acres of development land.

In December 2011, the McGinnis Group confirmed that its bank loans had been taken over by the National Assets Management Agency (Nama). According to the BBC, the McGinnis accounts showed the firm reported a loss of £25 million in 2010, which came on top of a £35 million loss in 2009. The firm's liabilities now exceed its assets by £58 million as a result, said a BBC report.

The Belfast Telegraph quotes a spokesperson for the McGinnis Group as saying the bank loans being taken over by Nama would have “no impact on the day-to-day running of the business".

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