From fit-out to fashion as MJM Group spends £30m to buy Damolly retail park
CRUISE ship fit-out firm MJM Group has spent more than £30 to further diversify into property ownership with the purchase of Damolly retail park in Newry.
The dominant retail warehouse scheme in Newry, Damolly has been sold to MJM as part of their investment strategy for the long-term sustainability of the group, and comes on the back of recent property purchases in Belfast city centre and at Forestside.
And the company, owned by entrepreneur Brian McConville, says it will continue with further commercial property acquisitions and investments to deliver on a broadly based portfolio to support its core business as luxury cruise ship and interior fit-out specialists.
The Damolly sale was handled by CBRE on behalf of LondonMetric for a sum in excess of £30million, while Tughans were the legal advisers on what they describe as one of the largest deals of the year.
Damolly is the only out-of-town retail park in Newry which ensures it is well-placed to serve shoppers on both sides of the border.
The site is fully let, with current tenants including B&Q, Lidl, McDonald's, Smyth's Toys, Curry’s PC World, Halfords, Next Home, Mothercare and Harvey's, with Costa Coffee and Home Bargains also recently added to the line-up.
Developed in 1999, the Damolly park provides over 165,000 sq ft of modern purpose-built retail accommodation which accounts for around 75 per cent of the total retail warehouse floor space in Newry.
Robert Ditty, director at CBRE, said: “Damolly retail park is considered one of the best performing out-of-town retail parks in Northern Ireland.
"Since the Brexit vote and the subsequent fall of the sterling, the number of cross-border shoppers has risen dramatically, making Damolly a particularly strong trading investment.”
Kenton Hilman, head corporate and property at Ulster Bank, which financed the deal, said: “MJM is a long-standing client and we are delighted to support them in this acquisition, which is one of the largest in the Northern Ireland market this year and signifies continued investor confidence in the local commercial property sector.”