Property firm NewRiver announced that it had sold the Abbey Centre in Newtownabbey to the Herbert Group of Companies.

The 320,000 sq ft shopping centre six miles north of Belfast was sold in an off-market transaction for ÂŁ58.8m. 

NewRiver had owned the centre since 2014, and had presided over the creation of a 44,000 sq ft Next flagship, as well as the introduction of Primark into a former BHS unit. Other retailers present in the centre include Dunnes, River Island, Poundland, The Works and Superdrug.

The property firm announced the disposal on the same day it released its financial results for the latest financial year. NewRiver’s results showed portfolio occupancy of 96.1%, with in-store spending growth up 4.3% year over year in the 12 months to March 2025. 

Chief executive Allan Lockhart said NewRiver intended to “recycle our capital into opportunities with superior income and capital growth potential. This sale also demonstrates the continuing improvement in investor demand for UK shopping centres.” 

NewRiver announced the purchase of Capital & Regional late last year in a move which left it with a ÂŁ800m portfolio of 27 community shopping centres and 13 retail parks. It also manages an additional 21 shopping centres and 18 retail parks, with its assets under management worth ÂŁ2.4bn.

Topics