Friday, May 24, 2024

Co Fermanagh investor is latest to acquire a Northern Ireland shopping asset in a multi-million deal

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David Mahon of David Mahon Properties in Enniskillen is the new owner of the upmarket shopping destination after it was put up for sale by the founder of fashion chain DV8, who first acquired in 2022.

Reports at the time suggested it had been sold for close to £4m.

Mr Mahon, who is from Donegal but now lives in Co Fermanagh, is now the latest Northern Irish investor to splash out on a significant retail asset. The transaction was first reported in the Tyrone Courier this week.

Mr Mahon, of David Mahon Properties, confirmed to Belfast Telegraph the deal had been finalised on January 31 but said his business was already a significant retail player.

“We have a number of shopping centres both in Northern Ireland and the mainland UK.”

He said his company’s existing assets include De Courcy Centre in Carrickfergus, Kings Square shopping mall in east Belfast, Murrayfield Shopping Centre in Larne and other shops in towns around Northern Ireland.

Former linen mill The Linen Green consists of 122,266 sq ft of space let out to around 30 retailers and businesses, including two coffee shops. Retailers include Bedeck, Bathroom Envy, DV8, Panache Shoe Company and The Rose Hanger. Its website lists 10 units to let.

Linen Green had been put on the market in early 2021 by Neptune Group for £4.5m, before it was snapped up by DV8.

David Mahon, new owner of Linen Green in Dungannon.

Mr Mahon’s move follows the purchase last year of Forestside Shopping Centre in south Belfast by Belfast-based Michael and Lesley Herbert for £42m.

And Foyleside Shopping Centre in Londonderry was bought for £27m last year by investors from Northern Ireland, led by DV8 founder Ian McMahon. He was also part of a joint venture which bought Rushmere Shopping Centre in Craigavon for £46.5m in a deal early last year.

The sale of Linen Green emerged from a report by commercial property agents CBRE NI on activity in the market in the first quarter of 2024.

According to CBRE NI, other commercial properties sold in Northern Ireland during the quarter included the ETAP Hotel in Belfast, which sold for £7.35m, Bannatyne Health Club in Holywood, for £3.5m, and Homebase in Orritor Road Retail Park in Cookstown, which went for £3m.

The report also said the take-up of office space here in the first quarter was almost 50% higher than the same period a year earlier.

It recorded office take-up at 99,931 sq ft, which was also a 36% increase on the final quarter of last year.

There were some 18 office deals completed in total, with the three largest deals accounting for just over 52% of total take-up and the remainder of deals at 7,000 sq ft or less.

News Catch Up: Wednesday 17th April 2024

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