Retail development Lisburn Square is hoping a new refurbishment and rates reduction will help its new owners attract much-needed tenants.
Lisburn Square was on the market for £2.25m, after being built for £23m. It is understood the 14-year-old retail site fetched close to the asking price.
Its new owner, Marcol, is planning to focus on adding places to eat along with indigenous firms.
Since it opened back in 2001, many of the 90,000 sq ft site’s smaller shops have shut, leaving more than 50% of the units vacant.
Commercial property firm CBRE is in the process of looking for new tenants, according to senior director Colin Mathewson.
“We envisage that the majority of interest will come from the retail and food and beverage sectors, with other uses including optician, financial services, estate agency, legal, health and beauty, including hairdressing, to name but a few,” he said.
“The new owners have restructured the rent levels which, when combined with the significant rates reduction, makes Lisburn Square a very attractive location.”
Nicky McCollum, who heads up development of Lisburn Square, said: “We always envisaged a transformation of the square from its previously unloved state.
“It is a beautiful space and we believe the new branding and refurbishments really accentuate the square’s best features.”
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