Corbo sells two UK retail developments for £61m

One of Northern Ireland's largest property firms, Corbo, has sold two English retail developments for £61m.

Lemon Quay in Truro, Cornwall, sold for £40m, while Holland Market/ Winfrey Avenue retail parks in Spalding, Lincolnshire sold for £21m.

They were bought by London-based Schroder UK Property Fund.

The Truro complex's tenants include Marks and Spencer, Debenhams, HMV and O2. It also contains a multi-storey car park.

Corbo owns the Fairhill Centre, Ballymena, County Antrim, and the Cityside Retail Park in north Belfast.

In its recently filed annual accounts Corbo said that it had be required by its bankers to "accelerate debt reduction through short-term asset sales".

Corbo has been a seller of property in recent years, disposing of Longwood Retail Park in Newtownabbey, County Antrim, Damolly Retail Park in Newry, County Down, the Marks & Spencer building on Donegall Place in Belfast, and a Sainsbury's store in Ballymena.

Corbo is owned by Sam Morrison, who is regularly rated as one of Northern Ireland's wealthiest people.

Meanwhile, it has been confirmed that the Four Corners Hotel in Belfast has been sold to CBRE Investors.

The hotel had effectively been repossessed by the former Bank of Scotland Ireland (BoSI) in 2011 when its owner Corner Blok Ltd, was placed into administration.

The hotel is leased to Premier Inns and has continued to trade normally.