The largest single commercial property transaction to take place in Northern Ireland in recent years, has been completed by Wirefox – a client of Savills Northern Ireland.
The largest single commercial property transaction to take place in Northern Ireland in recent years, has been completed by Wirefox – a client of Savills Northern Ireland.
Savills NI acted on behalf of Wirefox, who confirmed today, Wednesday 26 July 2017, that they have acquired CastleCourt Shopping Centre in Belfast for c. £125m from Hermes Fund Managers Limited.
Wirefox is a Northern Irish-based investment firm with a portfolio of assets across the United Kingdom and Ireland.
CastleCourt Shopping Centre opened its doors to the public in 1990, becoming Belfast’s first major shopping centre. It is now the 3rd largest in Northern Ireland, with 340,000 square feet of space, comprising more than 100 retailers.
Located on Royal Avenue at the heart of Belfast’s retail district, the centre, anchored by Debenhams, boasts an annual footfall in excess of 12.5 million, and the city’s largest car park, with 1,600 spaces. Other retailers based at the centre include Boots, Argos, Vodafone, Toys R Us, Dorothy Perkins, Jack & Jones and Costa. There is also strong interest from several exciting new entrants, which is likely to further enhance the retail offering over the next few months.
CastleCourt was originally developed by John Laing in the late 1980s on a site formerly the Grand Central Hotel, which played hosts to guests such at The Beatles and The Rolling Stones. In 2004, CastleCourt underwent a significant refurbishment to upgrade the existing food court, car park and customer facilities.
Ben Turtle, Head of Office at Savills Northern Ireland, commented:
“We’re delighted to have assisted Wirefox in their acquisition of CastleCourt – adding to their strong portfolio of property assets across the UK. Despite the shock of Brexit and ongoing political uncertainty, the retail sector in Northern Ireland continues to perform strongly, with positive retailer performances and robust letting activity. With consumer confidence at its highest level since the third quarter of 2015, and the economy expected to grow at a faster rate than previously predicted, we expect Wirefox to reap the benefits of this high-profile acquisition.”