For Sale

Former Market Yard, 43-49 Rainey Street, Magherafelt, Londonderry, BT45 5AF

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Site with FPP

Location of Former Market Yard

Magherafelt is a large town in Mid-Ulster approximately 35 miles northwest of Belfast and 40 miles southeast of Derry City. The subject is located within the heart of Magherafelt on Rainey Street at its junction with Garden Street, which formed the historic Market Yard. The immediate vicinity is host to a number of local commercial occupiers as well as some residential properties. The bustling town centre is located at the end of the street with a vast range of local and national retailers including The Meadowlane Shopping Centre and a number of eateries and bars. Furthermore, the prime town centre site is within walking distance to many leading primary, secondary and grammar schools as well as the Northern Regional College.


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  • features
  • description


  • For Sale (By Private Treaty)
  • Prime Town Centre, Residential-Led, Mixed Use Development
  • Within Historic Court Yard Setting


Excellent prime mixed use development opportunity in the centre of Magherafelt. Approximately 35 miles northwest of Belfast. Site is situated on Rainey Street at its junction with Garden Street and lies within Magherafelt town centre.  It is identified as a development opportunity site (MT43) within the Magherafelt Area Plan 2015. Full planning and Listed Building Consents approved for the development of retail units, office, community facility and residential (LA09/2017/0058/LBC and LA09/2017/0057/F). Site extends to approximately 0.64 acres (0.26 hectares).

The subject comprises an excellent residential-led mixed use town centre redevelopment site of approximately 0.64 acres and consists of two Listed Buildings which are to be renovated as well as new build units within the courtyard setting. The property is surrounded by a large basalt wall and includes 2 no. Listed Victorian two and three storey buildings located on both the northern and eastern boundaries. The scheme benefits from 15 no. car park spaces whilst additional car parking is situated nearby on Union Road and opposite Meadowlane.  The premises were formerly the Market Yard and historically operated as a livestock market.

The proposed development includes 29 apartments comprising 5 no. one bedrooms, 21 no. two bedrooms and 3 no. three bedrooms.

The retail, office and community units use, subject to relevant statutory approvals, their use may be changed or areas amalgamated.

Unit 1 68.50 sq m (737 sq ft)
Unit 2 87.40 sq m (941 sq ft)

Unit 1 97.50 sq m (1,050 sq ft)

Community Use Unit
Unit 1 75.00 sq m (807 sq ft)

The site lies within the Magherafelt town centre just outside the primary retail core and has been identified as a development opportunity site (MT43) under the Magherafelt Area Plan 2015.  The lands currently benefit from planning permission for a mixed use development scheme including residential apartments as well as retail, office and community space.  Under Planning Ref: LA09/2017/0057/F and LA09/2017/0058/LBC all interested parties are advised to make their own independent enquiries with regard to this opportunity.

Our client’s interest is held under Long Leasehold – further details can be provided by:

Doris MacMahon Solicitors, 63 James Street, Cookstown, BT80 8AE
Tel: 028 8676 2484
Contact: Brian MacMahon

Sales Process
By Private Treaty

Property Costs

  • Status: For Sale
  • POA
  • Stamp Duty: £0*

* Stamp duty rates provided as a guide only. Additional charges may apply. Please refer to the tax service's website for more information.


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