Developer Bride Hall and joint venture partner Fermac Properties have sold their Londonderry retail park project to two parties.
Supermarket group Tesco has bought one element of the Faustina Retail Park, and a private syndicate has bought the other.
Tesco is paying around 12m to buy a third of the 18 acre (7.3 ha) site for an 80,000 sq ft (7,432 sq m) store, for which it will seek planning permission.
It wants a large store to compete with Sainsbury’s, which is located on the other side of the River Foyle in Northern Ireland’s second-largest city.
The other part of Faustina has already been prelet to B&Q for a 102,000 sq ft (9,476 sq m) DIY retail warehouse at around 13.50/ sq ft (145.31/sq m). The private investor syndicate, called Gold 8 Property and formed by Pinder Fry & Benjamin, has agreed to buy the store and is thought to have paid around £22m. Cushman & Wakefield Healey & Baker acted for Gold 8.
Faustina, where work has begun, is the largest retail park to be developed in Northern Ireland this year in a region that has seen burgeoning out-of-town development in recent years. According to a government report by Roger Tym & Partners more than 581,000 sq ft (54,000 sq m) of consents for mainly retail parks have been given since 1996 in Londonderry alone.