Belfast's CastleCourt shopping centre sold

One of the largest commercial properties in Belfast has been sold after one of the existing co-owners Hermes opted to buy out Westfield's interest for a reported £400million.

CastleCourt shopping centre, in the centre of Belfast, had been on the market for some months with a price tag greatly reduced from the £350million it was once valued at. As has been the story with commercial property in Northern Ireland over the last year, the property didn't attract great interest, despite a relatively low valuation brought about by the huge dip in commercial property prices in Belfast and throughout the province.

The commercial property is thought to be worth less than a half of its peak value of £350million, but it does earn rental payments of £13millon annually.

If you are considering the purchase, sale or rental of a commercial property in Belfast or elsewhere in Northern Ireland, contact one of the commercial solicitors at Wilson Nesbitt in Belfast for legal advice by calling 0800 840 9294.

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