Rushmere Shopping Centre in Craigavon is close to being sold

The centre, which recently welcomed shoppers to the newly opened Primark, is still not sold.

However while the sale has not been completed it is expect to be shortly.

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The property is on sale for £57m but it is understood the centre has sold for under the asking price.

With new lettings secured including Primark, Superdrug and Poundland, it is hoped that Rushmere will be on the rise again after several difficult years.

In April this year the company that owned Rushmere Shopping Centre, Central Craigavon, went into administration following a £32.6m loss in 2019.

Moyallen Properties, which owns Magowan West Shopping Centre in Portadown with companies Moyallen Woking and Peacocks Centre, also went into administration on the same date.

In a statement filed by the administrators for Central Craigavon in May: “Over the last number of years the centre has been impacted by the loss of some key retailers, including Debenhams and Topshop/Arcadia, who both entered into administration. In addition to creating a large reduction in rental income, these voids also left behind large vacant units with significant void costs falling due (including rates, service charge and insurance).

"The Covid-19 pandemic has also had a significant impact on the financial performance and asset value, putting pressure on the company and the reduction of footfall and tenants paying reduced rents in the periods of closure.”

The company accounts for 2019 showed a loss of £32m (this after applying a £37m loss on the valuation of its assets).

However with new tenants it is hoped the fortunes of the popular Craigavon shopping centre will flourish.

It boasts retail accommodation if approximately 485,031 sq. ft in total with free onsite car parking for approximately 1,800 vehicles and an average annual footfall of 5.6 million between 2019 and 2021.