LEADING health and beauty chain Boots has agreed a new 10-year lease at its flagship Belfast city centre base.
Boots has confirmed it will remain in situ on Donegall Place, ending speculation over the retailer's future in the city.
It had previously been speculated that the chain could relocate to the former BHS store on Castle Lane, joining Irish department store Guineys, which opened in December.
The Donegall Square home of Boots was purchased by Bywater Properties, Ashmour and LRE Capital in 2016 and the consortium has confirmed that in addition to the lease renewal, it will now press ahead with a 4,651m sq ft office refurbishment above the retail unit.
Theo Michell, principal at Bywater Properties welcomed the commitment from the multinational retailer.
“Boots has been a long-standing tenant on Belfast’s Royal Avenue and we are delighted to have agreed a deal which will see them continue to hold their position for the next ten years. This announcement signals the retailer’s confidence in this area as the city’s main shopping street," he said.
"The long-term deal with Boots gives us clarity to move ahead quickly with a very contemporary refurbishment of the space above Boots on Donegall Place which, on the first floor, has a fantastic 4.26m ceiling height and an opportunity for a really on-trend exposed fit out which we’ve not seen much of in the core Belfast market, but we know occupiers increasingly want."
Working in partnership, Bywater Properties and Ashmour are behind a multi-million pound mixed-use development in the Smithfield area of the city centre.
Planning permission was granted last month for the scheme, located on a car park site between Gresham Street and Winetavern Street.
The plans for the 1.25 acre site include a 260,000 sq ft mixed office and retail complex capable of accommodating 1,500 people, as well as basement level car parking, new public realm, ground floor retail and workspaces tailored for SMEs.
The construction phase of the project, which is expected to begin next year, will create jobs for approximately 650 people.
Ashley Stewart, director of Ashmour added:
“Belfast is experiencing a high level of redevelopment at the moment and we know the demand is there for top quality office space. The city offers an attractive proposition for ambitious companies who are hoping to grow their operations, whether they are locally grown or setting up in Northern Ireland for the first time, and we look forward to working with a new tenant to deliver space which will work for them.”
