Wednesday, May 5, 2010

Richmond Shopping Centre sold for £24m

Wednesday, 5 May 2010

Derry's Richmond Shopping Centre has been sold for up to £24m, it has been confirmed.

Based in the centre of the city, the Richmond Centre was bought by the property asset division of the Royal Bank of Scotland, West Register.

The Richmond Centre was initially put on the market at £26m and this is the first sale of a major shopping centre in Northern Ireland for several years.

It was formerly part of WG Mitchell property empire owned by Derry brothers Patrick and Hugh Hegarty that went into administration last April.

After RBS called in loans in 2009, 28 of the 75 subsidiaries of WG Mitchell collapsed and went into administration. The Hegartys’ business empire, which started in the 1960s, ran into trouble after they began investing in the hotel market in Scotland and England in the 1990s and were caught out by the banking crash.

As a result more than £85m of hotels were put up for sale by the administrator Ernst and Young, among them the Park Inn, London, and the Park Inn at St Helens. A further eight hotels worth £40m including the Park Inn in Glasgow and the Park Inn in Sheffield have also been put on the market.

The Shipquay Street multi-level complex was built in the 1980s and has nearly 40 units let to a mix of national and local retailers.

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1 comment:

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