ONE OF Belfast’s landmark city centre buildings on Donegall Place has been sold in a £8.75 million (€10.68 million) deal to the global real estate investment management firm CBRE Investors.
Northern Ireland-based Corbo Properties, which owns a range of shopping centres and fashion parks across the UK, confirmed the sale yesterday of the 7,710sq m (83,000sq ft) site, which is home to Marks Spencer’s flagship Belfast store. It is generally considered to be one of the busiest retail sites in the city.
According to its new owners, CBRE Investors, the site was too good to pass by. James Horgan an associate director with the firm said: “This was an excellent opportunity to purchase in a prime city centre location and with the tenant, Marks Spencer plc, committed long-term to the property, on behalf of one of our pension fund clients.”
Corbo Properties is one of the North’s largest locally owned property groups. It is controlled by the publicity-shy Ballymena-based entrepreneur Sam Morrison.
Corbo Property has an estimated £700 million in gross assets and recently sold Newry’s Damolly Retail Park for £34.9 million to the real estate investment trust Metrci Property Investments.
Chief executive Stephen Kirkpatrick said the latest deal signals the growth of confidence in the Northern Ireland property market.
He indicated that the group was examining potential opportunities which he says will “grow Corbo’s portfolio through our dynamic asset management approach and strong financial position”.
