Business

CBRE dominant in the retail and leisure park space says report

Gerard McCann and Colin Mathewson from CBRE with Julie Collins and Liz Williamson of Trevor Wood Associates at the launch of the Definitive Guide to Retail & Leisure Parks

PROPERTY agent CBRE has retained the top spot in Northern Ireland as both letting and managing agents of retail and leisure parks, according to retail and leisure analyst Trevor Wood Associates.

The announcement was made during the launch in Belfast of the Definitive Guide to Retail & Leisure Parks 2019 report, which is regarded as the benchmark for all UK-based commercial property agencies and investors.

The figures reveal that CBRE manage 1.45 million sq ft and act as letting agents for 1.47 million sq ft of retail parks in the north, which represents 26.3 per cent and 26.7 per cent respectively of the overall market.

Gerard McCann, senior director at CBRE, said: “Due to the scale of our retail park portfolio, we have developed strong working relationships with tenants, helping us to add real value to our clients' assets.”

Colin Mathewson, another of CBRE's senior directors, added: “The retail park market in Northern Ireland has remained vibrant in recent years with very limited vacancy, regardless of insolvency and CVA issues with retailers such as Carpetright, Maplin, Mothercare and Poundworld.

“In particular the greater Belfast area remains in demand from retailers with lettings secured across a range of locations including Westwood retail park, Boucher retail park, Holywood Exchange, Longwood retail park in Newtownabbey and Laganbank retail park in Lisburn.

“In addition, we are aware of a healthy pipeline of lettings currently being proposed, which should be announced in the coming months along with increased activity from the food and beverage sector."

He added: “Although new development remains limited, it is great to see that the health of retail parks remains extremely positive, in contrast to the performance of the retail sector in general which remains challenging.”

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