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Forestside owners buy Abbey Centre for £59m

John Campbell
BBC News NI economics and business editor
Google Maps A Google Maps screenshot of the exterior of the Abbey Centre in Newtownabbey. There are two grey cars, a silver car and a motorbike parked outside it. People are also standing outside the building to walk into the ground floor of the building. The Abbey Centre has a large grey column with the sign on it and a big glass exterior.Google Maps
The Herbert Group, owned by Belfast couple Michael and Lesley Herbert, has bought the Abbey Centre in Newtownabbey

The owners of the Forestside shopping centre in south Belfast have bought the Abbey Centre in Newtownabbey for just under £59m.

The buyers are the Herbert Group which is owned by Belfast couple Michael and Lesley Herbert.

Last year, they also bought the Bloomfield Shopping Centre and retail park in Bangor for £22m.

The Abbey Centre was sold by New River Retail, a London-based investment trust.

Allan Lockhart, the Chief Executive of New River Retail said the company had transformed the Abbey Centre into "one of the most successful shopping centres in the region."

He added that the deal "also demonstrates the continuing improvement in investor demand for UK shopping centres".

The Herbert's built up the UK's largest KFC franchise over 40 years, before selling the chain in 2020.

They have reinvested the proceeds into commercial property where they had already significant interests.