Rushmere bought out of administration by joint venture involving DV8 owner Ian McMahon

The Rushmere shopping centre in Craigavon had an asking price of around £57 million.

THE Rushmere shopping centre in Craigavon has been sold out of administration to a joint venture involving DV8 owner Ian McMahon.

The company behind the Co Armagh retail asset collapsed in April 2022 owing around £91 million.

Administrators were appointed to Central Craigavon Ltd after Bank of Ireland stepped in to secure tens of millions of debt.

Ten months on, administrators from Grant Thornton confirmed the retail centre has been acquired by Killahoey Ltd, a joint venture between Northern Ireland based companies Sheephaven and May Street Capital.

The personalities involved in the deal include DV8 owner Ian McMahon, who has strong family ties to Co Armagh.

It comes less than a year after his retail venture DV8 acquired The Linen Green retail outlet in Moygashel, near Dungannon, for around £4 million.

While the value of the Rushmere deal has not been disclosed, the asset had been listed with an asking price of £57 million.

Stephen Cave from Grant Thornton, who handled the administration process, said: “All concerned have worked extremely hard over the last 10 months under our control to not just maintain business as usual but to enhance the retailer offerings at the scheme, evidenced with the recent openings of Primark and Poundland.

“This has led to increased footfall, more choice for shoppers and additional jobs in the local area.”

Ben Turtle from Northern Ireland property firm Savills NI said the sale attracted a high level of interest from a number of domestic and international investors.

“This is a landmark transaction and underlines the continued high demand for quality retail assets in Northern Ireland,” he said.

CBRE’s Andrew Coggins added: “Rushmere Shopping Centre & Retail Park is the dominant retail offer within the wider Craigavon Urban Area.

“The sale of Rushmere reflects a resilient market and sets the tone for a strong year in the NI investment sector.”