Two Belfast businessmen have paid more than £117 million sterling €182 million) for three prime sites owned by a UK property investment firm in one of the largest property sales in the North this year. British Land developed the three sites, two in Belfast, one in Lisburn, with joint venture development partners in the North.

The firm has sold the Connswater Shopping Centre and Retail Park, which it developed in Belfast with GUS plc, to Killultagh Estates, a private company controlled by Mr Frank Boyd, a well known property developer in the city. Killultagh Estates paid £47.3 million sterling for the two properties.

The group has also sold the Bow Street Mall in Lisburn, owned by the Tesco British Land Property Partnership, for £30.4 million to another Northern Ireland-based property developer.

The Belfast businessman has been involved in other office and retail developments. Mr Keith Shiells, chief executive of Lambert Smith Hampton, believes the value of the deal reflects demand for retail sites in the North.