Two of Northern Ireland’s most iconic retail centre have been sold to the Frasers Group for an undisclosed sum, 10 years after local property business, the Lotus Group first acquired the sites.
The Lotus Group bought Junction One, Antrim and the Outlet, Banbridge in 2016. The purchase was one of the region’s most significant retail transactions at that time.
The original purchase aimed to turn round the fortunes of the struggling retail parks and saw investment to redevelop and rebrand both schemes, transforming them into the thriving retail destinations they are today.
The Boulevard, Banbridge is now Northern Ireland’s premium shopping destination, boasting brands such as GUESS, kate spade ny, Whistles, Phase Eight, Hobbs, Nike, Jack Wills, Timberland.
Early this month Lotus completed the site handover to Hollywood Bowl, ahead of its opening in the Autumn, the first part of a redevelopment of the site to create a food and entertainment quarter. The scheme which has gone from strength to strength under Lotus ownership is now at 98% occupancy and has reported record-breaking sales year-on-year for the past decade.
The Junction Retail and Leisure Park has recently welcomed Northern Ireland’s second Popeyes restaurant and benefitted from a facelift when garden centre retailer, Dobbies, chose it as the location of its largest store in the UK.
Alastair Coulson, Managing Director of Lotus Property said: “In 2016 we set out to turn around the fortunes of these two unique assets and both have performed well beyond our expectations. Both schemes are now busy and bustling retail hubs, with The Junction serving a loyal community in Antrim and the surrounding towns and The Boulevard, drawing visitors from across Northern Ireland and attracting cross-border traffic from Ireland daily.
“We have had much interest over the years in terms of buyers but we’ve always been keen to deliver what we set out to do. We’ve done that – and now feels like the right time to hand these assets over to a buyer we know can take them to the next level again.
“Both schemes will continue to trade business-as-usual and will continue to thrive under the stewardship of the long-standing centre management teams, and property management partners who have all played a monumental role in the successful rebrands and growth of both destinations.”
Ben Turtle, Head of Savills Northern Ireland, said:
“This transaction reflects continued investor confidence in well-positioned retail and leisure assets across Northern Ireland. Both The Junction and The Boulevard are established destination schemes with strong occupier line-ups, resilient trading performance and significant regional catchments. The successful completion of this off-market deal demonstrates the ongoing demand for high-quality retail assets that can deliver long-term value and growth potential.”
Savills acted on behalf of the vendor, with CBRE acting for Frasers Group.