Redevelopment on cards as Flagship goes on sale for £1m
Co Down retail destination the Flagship Shopping Centre — part of the empire of KFC tycoon Michael Herbert — is on the market for redevelopment at around £1m.
The centre has only eight tenants, including anchor retailer Dunnes, out of 30 units.
It’s also home to independent retailers such as McCully’s Furniture and Ski & Sports.
Osborne King is selling Flagship Centre Ltd, a company which includes the property asset. Michael Herbert, who owns the KFC franchise in Ireland, the Isle of Man, Scotland and parts of England — is a director of the company, along with his wife Lesley.
According to selling agents Osborne King, the store is a “prime redevelopment opportunity in the heart of Bangor”.
And it said redevelopment opportunities included leisure, hotel and residential uses.
Director David McClure said: “Like many shopping centres in provincial towns, there are many empty units and we are selling it as a redevelopment opportunity.
“It really is a great regeneration opportunity for Bangor town centre, after the years of stop/start for the proposed Queen’s Parade development.
“We will be looking for a buyer with a bit of skill and a bit of imagination who’ll be able to breathe new life into the centre.
“That means looking into alternative uses, which could include a leisure development such as a kids’ soft play area.”
And he said he hoped Ards and North Down Borough Council could play a role in the site’s future development.
Donegall Place Investments — another Michael Herbert company — was the owner of Bloomfield Shopping Centre, also in Bangor.
Receivers were appointed to the centre in 2014. It was sold to London investment firm Ellandi and Tristan Capital Partners for £54.5m in January this year.
The Queen’s Parade development was first proposed in the mid-1990s but the plans have never been successfully progressed.
The development site is now owned by the Department for Communities.