Intu properties plc (‘intu’) has sold Sprucefield Retail Park to NewRiver REIT Plc for £40 million.

Sprucefield Retail Park is one of Northern Ireland’s leading out-of-town retail destinations and is located just one mile south of Lisburn city centre, adjacent to the main junction between Northern Ireland’s M1 motorway and the A1 road, which is the main route connecting Northern Ireland to the Irish Republic.

The 47-acre site comprises a five-unit retail park providing 231,000 sq of retail space, a 1,200-space free car park and 18 acres of development land.

The retail park is anchored by Sainsbury’s and B&Q, and has an affordable average rent of £16.11 per sq ft, with a weighted average unexpired lease term of 7.5 years.

“We announced our new strategy at the interim results in July. A key element of this is fixing the balance sheet which includes creating liquidity through disposals. We are pleased to conclude this transaction, which along with the part-disposal of intu Derby and other sundry asset sales in 2019 brings the year to date disposals total to £268 million,” Matthew Roberts, chief executive of intu.