Refurbishment plans for the Square

Nicky McCollum, Development Director, Lisburn Square; Kirsty McCandless, Marketing Director, Lisburn Square; Colin Mathewson, Senior Director, CBRE
Nicky McCollum, Development Director, Lisburn Square; Kirsty McCandless, Marketing Director, Lisburn Square; Colin Mathewson, Senior Director, CBRE

Lisburn Square is set to reduce rent levels to attract more businesses into the shopping area.

New owners Marcol bought Lisburn Square for around £2m recently and are planning to focus on adding places to eat along with indigenous firms.

Lisburn Square opened 14-years-ago, and currently following the on-going Enhancement Programme and the revised business rates, which have seen a significant reduction of 65%.

Commercial property firm CBRE has been appointed to seek suitable tenants.

Senior Director in retail at CBRE, Colin Mathewson said: “The city centre location, quality environment and modern construction of Lisburn Square makes it highly suitable for a wide range of commercial uses.

“However, 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.

“A key selling point is the affordability. The new owners have restructured the rent levels which, when combined with the significant rates reduction, makes Lisburn Square a very attractive location.

“We have already taken a large number of enquiries from potential occupiers ahead of the marketing launch, most of whom are local businesses looking for an exciting relocation of their existing premises.

“We predict that most of the interest will come from Northern Ireland businesses due to the reduced occupational costs.”

The Enhancement Programme which includes building maintenance, painting, new planting, improved lighting and paving, the Square also has a new colour scheme and branding to rejuvenate it’s look and feel.

There are currently 29 retail units of which 15 are available for immediate occupancy, as well as two storeys of office and residential space. With existing tenants including Next, Argos, JD Wetherspoons and Subway, the scheme presents a unique opportunity for businesses.

Nicky McCollum who represents the new owners of Lisburn Square said: “We always envisaged a transformation of the Square from it’s previously unloved state.

“It is a beautiful space and we believe the new branding and refurbishments really accentuate the Square’s best features. Lisburn Square is an ideal location for eating, shopping, meeting for coffee, working, parking, lifestyle and fitness.

“For Lisburn, there are huge benefits to the success of the Square – we predict that once all 29 units are let, the employment created will be around 290-320 people.

“In addition to the various refurbishment initiatives, we will be upgrading the underground car park, widening some of the spaces and making the entrance more visible and accessible.”