LISBURN Square is under new ownership after being acquired by UK property giant Marcol, the company behind such regeneration projects such as the world renowned Design Centre Chelsea Harbour in London.
The scheme - which includes 29 retail units (among them are Argos and Next) and two restaurants (Subway and Wetherpoons) as well as a number of kiosks, five office suites, 45 apartments and 210 underground parking spaces - was built in 2001 at the start of the property boom at a cost of more than £20 million.
And while no value of the sale to Marcol was given by agents CBRE, it is known that Lisburn Square had been on the open market for "offers over £2.25m".
The 90,000 sq ft centre was put on the market by administrators BDO after former owners Valto Ltd – headed by brothers Thomas and Francis Jennings - collapsed in 2013.
The new owners say they will be building on the existing piazza style design and transforming the offering at Lisburn Square to re-establish the scheme as an integral part of the city centre and a quality retail and leisure destination.
Andrew Coggins, director at CBRE, said: “Lisburn Square has the potential to evolve into a key retail destination for the population of the city and the wider catchment.
"The new owners are committed to developing a broad tenant mix to include fashion, catering, lifestyle, health and beauty as well as general business use. Their strategy will provide opportunities for improved engagement with the citizens of Lisburn as well as local stakeholders."
Mark Steinberg, co-founder of Marcol, added: “This is the first of what we hope to be several acquisitions in Northern Ireland and we are excited by the prospect of regenerating Lisburn Square.
"We see it as an opportunity to successfully enhance the scheme using our extensive knowledge and in-depth experience of other leading retail and mixed-use schemes across the UK."
When fully let Lisburn Square has the potential to rake in more than £500,000 in rental income, but around half the units are currently vacant.
