A £17 million deal by Randox to acquire a major industrial site in Co Antrim in November helped push commercial property investment in Northern Ireland to the highest level in five years during 2022.
Investment in the sector reached £350m last year, according to a report from Savills, with retail property deals accounting for around £140m (43 per cent).
That figure was boosted by two deals done in the final weeks of last year.
Longwood Retail Park in Newtownabbey was sold for £23.5m in December, with Longwood Park Limited named as the buyer, according to Savills.
The company is ultimately owned by Ian Hill, founder of Newry-based Hill Engineering.
Just weeks earlier, Randox completed the acquisition of a site less than five miles away.
The Antrim life sciences giant paid £17m for the 830,000 sq ft Central Park logistics and industrial complex in Mallusk.
Mike Ashley’s Frasers Group was responsible for the biggest commercial property deal of 2022, paying a reported £40m for an off book deal to buy Boucher Retail Park in south Belfast during March.
Another big off the book deal in June 2022, saw a private buyer pay around £20m for Weavers Court Business Park, Belfast.
Assessing the state of the commercial property market here, Savills said Northern Ireland has been identified by some investors for its value.
“With soaring inflation squeezing real rates of return, investors now view the region as a value play. “Another key attraction is Northern Ireland’s unique position as a gateway between the EU and the UK, which has supported investor interest,” said the property group.
“As a result, 2022 represented the highest level of investment activity in Northern Ireland for the past five years. And, with the preparation of multiple sizeable assets in 2023, we expect this trend to continue.”
BIGGEST INVESTMENT DEALS OF 2022
1) Boucher Retail Park, Belfast
Frasers Group for £40m (Q1)
Seller: Corbo Properties
2) Longwood Retail Park, Newtownabbey
Longwood Park Limited for £23.5m (Q4)
Seller: ABRDN
3) Weavers Court Business Park, Belfast
Private buyer for £20m (Q2)
Seller: Private
4) Central Park, Mallusk
Randox for £17m (Q4)
Seller: Private
5) Connswater Shopping Centre/Retail Park, Belfast
Private investor for £16.25m
Seller: Killultagh
6) Ards Shopping Centre
Comer Group for £16m (Q4)
Seller: Belfast Office Properties Ltd
7) 35 Donegall Place, Belfast
Wirefox for £15.9m (Q4)
Seller: Bywater
8) Cityside Retail and Leisure Park, Belfast
David Samuel Properties for £14m (Q1)
Seller: Marathon Asset Management (MAM)
9) Four Corners Hotel (Premier Inn), Belfast
Local private investor for £12.2m (Q3)
Seller: CBRE Global Investors
10) Bunzl Headquarters, Armagh
International fund for £9m (Q1)
Seller: David Samuel Properties
11) Montgomery House, Belfast
Charitable trust for £8m (Q2)
Seller: Unknown
12) Imperial House, Belfast
Private buyer for £7m (Q3)
Seller: Unknown
13) Longbridge House, Waring Street, Belfast
Local private investor for £6.25m (Q4)
Seller: Wirefox
14) Killymeal House, Gasworks, Belfast
Private investor for £6.1m (Q2)
Seller: Unkown
15) Ross’s Court, Belfast
Martin Group for £5.7m (Q2)
Seller: UK pension fund
