The Richmond Shopping Centre in Londonderry has been sold for £24m, according to industry reports.

Property agents CB Richard Ellis said the Derry centre has been bought by West Register, the distressed assets arm of Royal Bank of Scotland (RBS), the BBC reports.

The property was sold by administrators Ernst and Young who were appointed to the centre's former owners, WG Mitchell in 2009.

-- Advertisement --

WG Mitchell was owned by Derry brothers Patrick and Hugh Hegarty.

Twenty-eight businesses owned by the brothers were put into administration in April 2009 when RBS called in it loans.

Industry observers say RBS set up West Register to hold and manage distressed assets owned by the bank, which would otherwise be sold at a loss on the open market.

A guide price of £26m had been put on the Richmond Centre.

(NS/BMcC)