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Part of the Riverside retail park in Coleraine has been sold to a local property firm.

Magmel (Ballymena) has paid £10.25m for phase one of the development, which consists of three large retail units, including a Sainsbury's supermarket.

Magmel, a joint venture between the Ballymena-based Walker family and Dublin businessman Nick Furlong, also owns the Fairhill centre in Ballymena.

The development was sold by British Land, a major UK property company.

It has net rental income of £756,000 and average unexpired lease terms of just more than 11 years.

Ben Turtle, from selling agents Savills Northern Ireland, said: "This sale underscores the resilience and attractiveness of well-located and anchored retail parks in the current market.

"We believe Magmel will continue to leverage the park's strong tenant line-up and prominent location to serve the local community and the wider catchment area."

This is the latest large retail deal in Northern Ireland which has seen local investors buy from UK or US property firms.

In September, the Belfast couple Michael and Lesley Herbert bought the Forestside shopping centre from Kildare Partners, while the same firm also sold the Foyleside centre to a consortium of local business people.