Thu, 29 Sep 2011 | BUSINESS SALE
London's Victoria Place shopping centre has reportedly been sold by Northern Irish property firm, William Ewart Properties.
The centre, which is located at Victoria Station, has been acquired by Network Rail for more than £90 million, according to the Belfast Telegraph. The transport firm plans to redevelop the prime commercial centre in a bid to lower congestion levels at the station, which is one of the busiest in London.
William Ewart Properties – one of the largest property companies in Northern Ireland – purchased the centre for £92.5 million in 2007, with financial help from Ulster Bank.
Alongside the sale of Victoria Place, the property firm also has other upcoming targets in the pipeline, including selling off the shopping complex located above Fulham Broadway station and the Hammersmith-based Broadway centre.
The firm is also planning an extensive redevelopment of Belfast city centre, in a project known as the Royal Exchange.
The redevelopment – which will comprise more than 200 high-spec residential apartments, an arts centre, hotel and retail units – will benefit the area located between Royal Avenue and Belfast's Cathedral Quarter.
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