Newtownabbey retail park is sold for £48m

Matalan is one of the tenants at the Newtownabbey retail park

The Longwood Road Retail Park in Newtownabbey has been sold to the Scottish Widows Investment Partnership (SWIP) for £48m.

The site, which is one of the largest non-food retail parks in NI, has been sold by Ballymena-based Corbo Properties.

Corbo is controlled by Ballymena man Sam Morrison.

Stephen Kirkpatrick of Corbo said the re-entry of SWIP into the NI property market was a "positive sign".

The sale of the Newtownabbey retail park is the third such deal for Corbo in as many months.

In June, Corbo sold Damolly Retail Park in Newry, County Down, to Metric Property Investments for £34.9m.

It sold 48-54 Donegall Place in Belfast last month to real estate investment management firm CBRE Investors for £8.75m.