Belfast Telegraph

The Outlet owner seeks firms for new warehouse

By John Mulgrew

The owner of The Outlet retail park is planning to build a 100,000 sq ft warehouse. The Lotus Group owns a large area of land close to the Banbridge centre, and is hoping to add the space in order to boost trade and deliveries.

The project, which is around five acres in size, has been put on the open market due to a surge in demand for top-end industrial units in the area.

Colliers and GVA have been appointed as joint agents for the development.

The Lotus Group said that the site, which has full planning permission, can be developed according to the specifications of the winning bidder.

Alastair Coulson, asset and property management director, The Lotus Group, added: "We're directly responding to a marked increase in demand for industrial development opportunities - particularly in the Banbridge area.

"This surge began around six months ago and of particular significance is the level of enquiries coming from the Republic of Ireland."

"The prime location of the site on the main route from Belfast to Dublin offers many benefits in terms of cross-border accessibility, combined with a skilled workforce and a range of government support packages that we know are available.

"Ultimately, locating in Banbridge could offer businesses that are based over the border in the Republic like-for-like savings in excess of 15%.

"This is also great news for the Banbridge area as a whole and will lead to future investment and job creation."

Junction One and The Outlet were sold to The Lotus Group in a deal worth £40m this year.

The retail parks were originally put on the market for approximately £60m.

A number of major retail parks have changed hands across Northern Ireland in the past few months.

At the end of last year, Bangor shopping centre Bloomfield was sold for £54.5m to London investment firm Ellandi and Tristan Capital Partners.

The sale of the retail site was the fifth biggest deal involving a Northern Ireland business during 2015.

Other deals included Fairhill in Ballymena, which went for more than £45m.

This week it was revealed the town's Tower Centre will undergo a £10m revamp, providing a boost to the local area.

Belfast Telegraph