Lisburn Square acquired by UK property company
Lisburn Square has been acquired by Marcol, a leading UK property company, according to commercial property firm CBRE.
Lisburn Square is a mixed-use scheme located in the heart of Lisburn City Centre. It provides 29 commercial units including two restaurant units in a conservatory style building in the centre of the square, 5 office suites, 45 apartments and a 210 space car park.
The new owners 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 Lisburn City Centre and a quality retail and leisure destination.
CBRE and O’Connor Kennedy Turtle acted on behalf of the vendor and believe this is a positive sign for Lisburn City Centre and the wider Lisburn area, with much needed further development to take place. With significant investment, they believe it can comprehensively strengthen the commercial offering in Lisburn.
Andrew Coggins, Director at CBRE said: “Lisburn Square has the potential to evolve into a key retail destination for the population of Lisburn and the wider catchment. We understand 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, commented: “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.
The location, adjacent to Bow Street which hosts many popular high street retail names including Tesco, Boots, Café Nero and Superdrug, means footfall is already incredibly high in this area. Our aim is to ensure we complement this, creating a must visit destination that will work cohesively with the existing retailer provision in the city”.
Terence Cole, Co-founder of Marcol, added: “We see the potential to develop Lisburn Square into a mixed-use scheme, attracting lifestyle and leisure interests as well as further retail. We would like to attract a varied range of tenants, including independent retailers, to ensure it will appeal to a diverse demographic without competing with existing local retailers.
“We look forward to communicating our plans with key stakeholders and the general public over the coming months”.
Marcol has an enviable track record of success in the UK and European retail property sector including the regeneration of the world renowned Design Centre Chelsea Harbour in London.