Rushmere Shopping Centre goes on the market for £57m

Rushmere Shopping Centre in Craigavon, County Armagh, has gone on the market for £57m.

The centre and retail park was placed into administration in April after being hit by store closures.

The property, which comprises more than 30 acres and 50 retail units, has been listed in a joint sale by Savills and CBRE NI.

The Moyallen Group, associated with Rushmere, owed Bank of Ireland about £188m.

In 2019, the company which holds Rushmere reported a loss of £32m after writing down the value of the centre by £37m.

The shopping centre was hit by high-profile closures, including Sainsburys, Top Shop and its anchor store, Debenhams.

Andrew Coggins, senior director at CBRE NI, said the centre was the largest investment asset to come to the market this year in Northern Ireland.

At the time it was put into administration, Rushmere was considered one of the region's better-performing shopping centres.

Ben Turtle, director at Savills, said it was now fully let and that he anticipated keen investor interest.