Tughans has announced details of another major commercial property deal involving a large GB-based institutional investor.

The £23.5 million acquisition of one of the largest Tesco stores in the region follows hard on the heels of the recent acquisition of Bangor’s Springhill Shopping Centre for £10.5 million to a London-based property fund.

This is further clear evidence that the major UK funds and investors are back in the market for prime investment opportunities and Northern Ireland is able to provide the opportunities these investors are looking for.

says Phyllis Agnew, Head of Real Estate at Tughans in Belfast, who acted on behalf of the purchasers.

The fact that the price paid for the Craigavon property was in excess of the asking price is another indication of the increasing strength of the marketplace here.

The property concerned, a 121,000 sq. ft. Tesco Extra let on a 25-year full repairing and insuring lease from late 2010, is the dominant food store in the wider Craigavon area and is next door to both Rushmere Shopping Centre and the Marlborough Retail Park whose tenant retailers include B&Q and Halfords.