Fairhill centre in Ballymena to be sold to Magell

The value of shopping centres has declined sharply in recent years, a trend exacerbated by the pandemic

The Fairhill shopping centre in Ballymena is to return to local ownership.

Magell, a property company controlled by the Ballymena-based Walker family, has agreed to buy it.

It was owned by a UK-based property fund which bought it for almost £46m in 2015. Magell will have agreed to pay substantially less than that.

The value of shopping centres has declined sharply in recent years, a trend exacerbated by the pandemic.

The Fairhill centre lost one of its major occupiers when Debenhams collapsed and all its stores were closed.

It is likely that the new owners will seek to increase the amount of floor space devoted to food and drink.

The 295,000 sq ft centre is anchored by a Marks and Spencer.

The deal is expected to complete before the end of this year.