Northern Ireland

British Land buys Craigavon retail development for £23m

One of the UK's largest property firms has bought a retail development in Craigavon for £23m.

British Land has bought the development on the Highfield Road which is let to Tesco for an annual rent of around £1m with a lease running until 2035.

The development is part of a portfolio of assets which is being sold by the Portadown-based Turkington Group.

In recent months the firm has sold another development in Craigavon, which is leased to B&Q, for almost £12m.

It also sold a Newry development, which is leased to Tesco, for more than £30m.

British Land controls a UK property portfolio worth more than £11bn.

It also owns the Riverside Retail Park in Coleraine.