2007December November June April March February January December The proposed opening of the two Derry stores brings the total number of Starbucks outlets in the province to fifteen and the company is actively seeking additional opportunities, explains Alana Simpson from letting agents, Osborne King:
Starbucks entered the UK market just over nine years ago and now has 600 outlets nation-wide. The company employs around 200 partners (what Starbucks call their employees) currently in Northern Ireland, which is expected to increase to 230 when the Derry stores open next spring. In addition to creating job opportunities locally, the company is actively involved in socially and environmentally responsible initiatives at local community level, which to date, have included raising money for Praxis Mental Health group. Commenting on the company’s imminent entry into Derry, District Manager, Barbara McMaster added: "We are very excited to be opening in Derry with this being a new market for us in Northern Ireland. So far we have had a very positive response from the people of Derry and look forward to serving them in the near future" We are continuing to work closely with Starbucks in order to identify additional opportunities in other towns and cities throughout Northern Ireland and it is understood that further new lettings will be announced during 2008. November The company’s first significant commercial property auction took place in October 2005 when it disposed of Bairds Chemists’ entire Northern Irish property portfolio realizing sales exceeding £19.5 million on the day. Since then, Osborne King has held four major property auctions building up a five-person strong auction team in the process. Last year the company became the first Northern Irish consultancy to feature on the National Property Auction Index 2006 listing the Top 20 Auctioneers across the UK. Acknowledging that establishing the province’s first dedicated auction service had been something of a calculated risk, Mark Carron from OK’s auction team remarked: "Historically, although commercial property auctions did take place locally, they tended to be on a modest scale, typically focusing on one or two properties. We identified a growing demand among clients for selling and acquiring property by auction and decided to invest in developing a stand-alone service line by embarking on an extensive marketing campaign encompassing a variety of activities including web-based promotion, direct mail, professionally-produced catalogues, press coverage and advertising." Web-marketing alone proved to be a highly successful marketing tool with over 10,000 hits generated over the four auction periods. Continuing, Mark added: "Auctions are now part of Osborne King’s core business. We believe that we have successfully created a new, exciting and self-supporting service line. The whole experience has proved to be a very exciting time for the company involving some steep learning curves in an area that continues to evolve. However, we ensure that we spend a great deal of time not only keeping ahead of our competitors but listening to our clients and making the changes necessary to stay ahead." Looking ahead to continued success during 2008, the company has already set a date for its next major property auction, which will take place on Friday 29th February 2008. Situated on the Old Dundonald Road, the circa 85,000 sq ft development will accommodate an 8-screen Omniplex cinema, eight restaurants and two retail units. On-site car parking spaces for up to 670 cars will also be provided. There is also scope for developing an hotel on a two-acre site directly opposite the entertainment village. Commenting on the fact that Dundonald is already well established as a popular leisure destination, Mark Carron from Osborne King who are joint letting agents for the complex, said: "The site is ideally suited to a development of this type, which will complement as opposed to compete with existing amenities within the immediate vicinity such as the International Ice Bowl, Pirates Adventure Golf and David Lloyd Leisure." "This part of the Borough currently attracts thousands of visitors per week and we’re confident that Eastpoint Entertainment Village will bring in even more people once it’s completed and help to establish Dundonald as one of the province’s top leisure destinations whilst also creating hundreds of job opportunities." Joint letting agents for the complex, Osborne King and BTW Shiells are in negotiation with a number of prospective occupiers for the retail element of the scheme with further announcements expected in the near future. Osborne King sold £10 million worth of commercial property and land at our second public auction of the year, which took place last month in Belfast attracting an estimated turn-out of 500 people on the day. The auction catalogue featured a geographically varied mix of investment and residential development opportunities across Northern Ireland. On the day, individual lot prices achieved ranged from £430,000 for a tourist information centre in Ballymena to £2.85 million for development land outside Newry. Highlights of the auction included the sale of circa 1.38 acres of development land near the Old Warrenpoint Road, Newry for £2.85 million. The site has full planning permission for a mixed residential scheme of 27 units. Meanwhile, a property on Main Street, Bangor let to Barclays Bank realised just under £1million at a net yield of 3.88%. Also making the £1million mark was an office/showroom at 22 Mallusk Road, Newtownabbey while a single-storey building currently occupied by the Northern Bank in Carnlough sold for £0.5 million. Standing on circa 0.17 acres, the property was marketed as an excellent development opportunity subject to the usual planning consents. All media enquiries to: THE BOAT LAUNCHES IN BELFAST! Offering fantastic panoramic views from every floor over Belfast city centre, the River Lagan and Belfast Lough, the fourteen-storey building has been designed by Todd Architects who have produced a stunning and highly contemporary design featuring glass frontages at ground level and self-weathering timber louvers that will encircle and provide solar shading for the entire building. The building design plans incorporate a restaurant at ground and first floor levels and 21,000 sq feet approximately of office accommodation arranged over eight floors. Finally, eight luxury apartments will complete the scheme occupying the four top floors. Plans for these apartments, which will be marketed by Templeton Robinson, include underground parking and a car lift that will enable residents to access their apartments direct. Although most definitely a mixed-use scheme, the apartments will be set back slightly from the commercial parts of the building in order to retain a separate identity. The office accommodation itself will be of a very high specification and designed to appeal to a wide variety of occupiers. As Robert Ditty of Osborne King says: "Mixed use schemes such as The Boat are very much in line with current government thinking which is based on the fact that promoting cities as successful places in which to live, work and relax actually benefits the wider regional economy. It's been predicted that the 21st Century will be the century of cities, and indeed over 75% of Europe's population are city dwellers." "Belfast is still playing catch-up with other regional counterparts. Hopefully a combination of sustained economic growth, strong local leadership and continuing developer commitment through schemes such as The Boat and other development projects will go a long way towards promoting and strengthening Belfast's position in terms of regional prosperity and competitiveness." Although situated on a relatively small site (circa 5000 sq.ft, The Boat is strategically located according to architect, Barrie Todd who comments: "The location of this site was very important for us in developing the design concept for the scheme. As one of the earliest known settlements on the ford spanning the River Farset, from which Belfast derives its name and which now lies beneath High Street, Custom House Square is effectively the birthplace of the city and its long maritime tradition. Naturally, we were keen that this new development would honour these maritime and historical associations hence the name and aspects of the overall design." "At the same time, our client wanted an exciting, contemporary design that would enhance the existing built environment whilst operating on an effective commercial basis in a mixed-use format." Margaret Ritchie, Minister for Social Development added: "The Boat is a further welcome sign of Belfast's evolution from a post-industrial city to an inspiring European capital with architecture and design to rival the very best in Europe. High quality, mixed-use developments such as The Boat, complemented by the work my Department is undertaking in relation to improving the streetscape and open spaces in our city, cannot fail to attract visitors and citizens alike to the heart of Belfast and is a further example of the legacy of Laganside Corporation in contributing to the on-going regeneration of Belfast's riverfront." P.Elliott and Company, one of the largest construction and property development companies in Ireland have been appointed building contractors and this scheme is the company's first major construction project in Northern Ireland. On target for completion in December 2008, an announcement relating to the restaurant occupancy of the ground and mezzanine levels is expected to be made within the near future. All media enquiries to: We are currently marketing two substantial city centre retail and office investment/development properties and anticipate receiving offers in excess of £25 million for both properties. The Erskine House Development Site occupies a prime position in Belfast city centre and is expected to sell in excess of £13 million. The circa 19,590 sq ft site is located at 20/36 Chichester Street and currently consists of a 57-space car park on the corner of Chichester Street and Arthur Street plus an existing four-storey showroom/office building on the corner of Chichester Street and Montgomery Street. It is anticipated that the site will offer approximately 120,000 sq.ft of prime retail and office accommodation once developed. Also up for sale is Calvert House situated at 23/29 Castle Place. Occupying a total net floor space of circa 25,997 sq ft, this six-storey, architecturally award-winning building comprises a ground floor retail unit and five floors of office accommodation. Commenting specifically on the sale of Erskine House Development Site, Osborne King's Alan Wilson stated: "This property is centrally positioned in the city's established retail core with many office and headquarter buildings situated close by. Furthermore, the site is immediately adjacent to Victoria Square, which makes it an even more attractive development proposition. Factor in the relative shortage of quality product in the city centre office and retail market at the moment and I think it's safe to say that we expect a strong degree of interest in this property from both developers and investors." At present, the Erskine House Development has full planning permission for a mixed use development including basement parking, retail and offices on six upper floors although a revised scheme has been prepared for submission in due course. Meanwhile, Calvert House has the potential for either partial or complete re-development or extension subject to the usual planning consents. Media enquiries to: RIVER ISLAND EXPANSION PROGRAMME UNDERWAY AT FAIRHILL Fairhill Shopping Centre's reputation as Ballymena's leading shopping destination has been boosted further by fashion retailer, River Island's decision to take additional space within the scheme. A new, bigger and even better River Island store is due to be unveiled at Fairhill early in October. The extensively refurbished store will extend to 8,500 sq ft approximately over two levels and will stock womenswear, menswear and accessories. Alana Simpson of Letting Agents, Osborne King, comments- "This expansion is great news for for the centre and demonstrates River Island's faith in Fairhill as a strong retail destination. The new River Island store combined with the new 20,000 sq ft Debenhams Desire Store, which is due to open before Christmas, are a major boost to the centre's current retail offer." For further information, please contact: IRISH FARMERS BUY LANDMARK BELFAST BUILDING The landmark Klondyke Building situated in Gasworks Business Park on the Ormeau Road, Belfast has been acquired by Irish off-farm investment specialists, Farrelly and Mitchell in a deal worth £11.7 million reflecting a net initial yield of 4.5%. Osborne King acted on behalf of Farrelly and Mitchell in the deal. Constructed originally in 1891, the building retains many of its original architectural features including listed outer walls and has been re-developed to offer circa 57,000 sq ft of Grade-A office accommodation. The property has been let to the Department of Finance and Personnel on a 15-year lease and is the new headquarters for the Department's Environment and Heritage Service. Farrelly and Mitchell provide an innovative range of property consultancy and investment services to its farmer clients. The company has purchased The Klondyke Building on behalf of investment vehicle, Elm Private 111, which comprises a number of investors, primarily Irish farmers. Mark Carron from Osborne King who negotiated on the deal on behalf of Farrelly and Mitchell remarked: "In recent years we've experienced increasing amount of interest from Republic of Ireland investors in the Northern Ireland property market. The Klondyke Building offered an opportunity to acquire a reversionary office investment in a market which offers excellent return opportunity. After years of limited movement, we believe Belfast is experiencing a significant period of office rental growth. In fact, we predict that rents will break through the £15 per sq ft barrier by early 2008, which still represents great value for investors when compared with other cities across the UK and Dublin." "We are delighted to work with Farrelly and Mitchell with a view to assisting them in the development of a substantial portfolio in the Northern Ireland commercial property market." Farrelly and Mitchell has also acquired a number of properties throughout Germany, valued in excess of €60 million, on behalf of private and corporate clients. In addition, it is also actively managing a major development and property portfolio in North Florida, valued in excess of €150m. Media enquiries: June Premier Travel Inn, the UK's leading value hotel brand, has recently opened a new 148-bed hotel in Belfast city centre in the latest phase of an extensive investment programme according to John Martin, our Licensed Premises Director, who is advising owners, Whitbread plc, on further development opportunities within the province. Premier Travel Inn is the UK's leading value hotel company with over 31,000 rooms across 480 hotels offering quality, value for money, accessible accommodation. Occupancy rates nation-wide stand at 80% on average and it is estimated that 75% of the UK's population live within a five-mile radius of a Premier Travel Inn. The Belfast Premier Travel Inn is located strategically between Adelaide Street and Alfred Street in the heart of the city's central business district, and is already proving a winner with business and weekend guests alike attracted by week-day rates of £60 per room (£55 per room weekend rate), "eat as much as you like" breakfasts for £7.50 per person plus internet access for a small additional charge. A total of 60 full and part-time staff are employed at the hotel, which is run by Keith Freeman, who managed a Premier Travel Inn in Manchester city centre prior to taking up the position of General Manager in Belfast. Stating that value for money does not mean compromising on quality and consistency in standards, Keith Freeman went on to say: The Premier Travel brand has been very successful by delivering on its promise to guests, which is a good night's sleep within a comfortable environment offering the services that people expect these days at a very competitive rate. In fact, we offer a "good night's sleep guarantee" whereby guests can have their money back if they don't get a good night's sleep! "The key element, however, is having the right staff in place and we've invested heavily in this area both in terms of recruitment and training. We're firmly committed to providing on-going training and development for all our staff to ensure that we continue to provide the highest standards possible." The Whitbread Group embarked on its Northern Irish investment programme almost two years ago. Its current portfolio includes a Premier Travel Inn and Brewers Fayre restaurant in Carrickfergus and a Brewers Fayre restaurant at Junction One. Planning permission for a Premier Travel Inn and Brewers Fayre restaurant in Coleraine has been granted recently while a proposed Premier Travel Inn for Lisburn is at the planning application stage. John Martin added:- "With branded budget hotels accounting for just 12% of the UK market, there's certainly scope for growth especially in Northern Ireland where the concept is still relatively unknown. At the moment, we're in negotiations for the acquisition of four additional sites and are actively pursuing opportunities for further expansion across the province. There's still an under-provision of hotel accommodation in Belfast and across Northern Ireland and as the tourist industry continues to expand, we need brands such as Premier Travel Inn to continue to invest in the province in order to meet the needs of this growing sector." Whitbread Group plc's extensive portfolio of brands also includes Brewers Fayre, David Lloyd Leisure, Beefeater and Costa Coffee. Media enquiries: Caroline Kieran CKPR T: 028 9064 2741 M: 07890 387275 Hilden Developments Ltd, have acquired the former Hilden Mill industrial complex outside Lisburn, and plan to transform the 30-acre site into a purpose built "community village" comprising up to 600 apartments, shops, a health club, small business units and a 40-bedroom hotel subject to planning. We have been advising Hilden Developments on the five-year project, which is estimated to have an overall development value in excess of circa £135 million. The company has worked on numerous projects in London and in other regional cities across mainland Britain; however, this will be its first major development project in Northern Ireland according to David Burrows, Investment Director with Osborne King who commented: "It's encouraging to see investment on this scale coming into Northern Ireland by a company that obviously believes in the economic future of the province. This proves that investment is no longer just one-way traffic involving local investors and developers. The re-development of what is now a derelict site will generate a significant number of jobs during the construction process and result in the creation of a vibrant new waterfront development on the Lagan in which people will be able to live and work. This, in turn, will have important economic and social spin-offs for the entire locality." The restoration of Hilden Mill is being designed by Belfast-based architects, Consarc Design Group Ltd. Consarc has been responsible for some of the most well known conservation projects in Northern Ireland including the restoration of Parliament Buildings, Stormont, the Albert Clock and the Great Hall at Queen's in addition to major new buildings such as The Odyssey and Lisburn Civic Centre. Commenting on the restoration task ahead, Dawson Stelfox, Chair of Consarc remarked:- "Hilden Mill is a truly iconic site with over 200,000 sq ft of listed mill buildings on the edge of the Lagan. Securing a new use for these important buildings that offers a sustainable future for the site is at the heart of our proposals. We will be carefully restoring all the listed buildings and replacing the more recent sheds with contemporary buildings designed to be sympathetic to the mills. This will be a mixed-use site providing employment, supporting the viability of Hilden Primary School and regenerating a major brownfield site. We are delighted to be involved in this exciting and challenging project." Once the largest linen thread mill in the world and established over two centuries ago, production at Hilden Mill ceased in 2005 when the business was finally transferred to South-east Asia. Media enquiries: Caroline Kieran CKPR T: 028 9064 2741 M: 07890 387275 April As the demand for small own door industrial/warehouse units increases, Derriaghy Industrial Park, a twelve-acre industrial multi-let site at Dunmurry has experienced strong growth under new ownership during the past year. Letting agents, Osborne King, report that limited rental opportunities are still available in respect of a small number of units offering competitive rents and flexible lease terms. Prospective occupiers will also benefit from generous on-site car parking facilities. The landlords have also secured outline planning permission for own-door offices on a section of the estate, which will be developed in the future and Osborne King are currently experiencing high levels of interest from potential occupiers and end users. Derriaghy Industrial Park is situated approximately six miles south of Belfast city centre and just over two miles north of Lisburn city centre and offers province-wide access through its proximity to the M1 and M2 motorway networks. As Gareth McGimpsey from Osborne King remarks:- "Derriaghy Industrial Park has experienced strong growth over the past twelve months. The few remaining units offer quality accommodation at extremely competitive rental levels plus the site benefits from excellent transport links. I would advise prospective occupiers to move quickly in order to take advantage of what is, overall, an extremely attractive rental proposition." The units on offer range from c. 1,000 sq ft to c. 5,000 sq ft and would be ideally suited to light industrial, storage, manufacturing or trade use. Further details can be obtained by contacting Gareth McGimpsey on 028 90 270000. Media enquiries: Caroline Kieran CKPR T: 028 9064 2741 M: 07890 387275 March TO OPEN AT FAIRHILL SHOPPING CENTRE, BALLYMENA Debenhams is continuing its expansion in Northern Ireland, with the opening of its first Desire outlet at SVM Properties-owned, Fairhill Shopping Centre, Ballymena. The unit will provide 20,000 sq ft over two trading levels and is scheduled to open later this year. It is anticipated that the new store will create 100 new full and part time jobs. This will be the retailer's first Desire store anywhere in Ireland. The Desire format focuses exclusively on ladies' and children's wear along with top end health and beauty products. To date, Debenhams have rolled out seven Desire stores across mainland Britain with a number of additional stores due to open this year including Walton- on-Thames and Altrincham. Debenhams' commitment at Fairhill follows the opening of a new H & M store towards the end of last year and enhances an already impressive list of tenants that includes Marks & Spencer, Next, River Island, Waterstone's, Bhs, Top Shop, Clockwork Orange and Monsoon. In addition, Fairhill has also recently opened a new food court, with Burger King, O'Brien's and Shanghai Express and an additional 300 seats. Debenhams' Acquisition Manager, Robert Hadfield, commented:- "We are excited by the prospect of bringing the Desire concept to the people of Ballymena and Northern Ireland." Osborne King are letting agents for Debenhams and Retail Director, Colin Mathewson, added:- "We are delighted to have secured Desire by Debenhams for Fairhill. The fact that this will be their first store opening in Ireland underscores Fairhill Shopping Centre's significance within Ballymena specifically and within the Northern Ireland retail hierarchy generally. There's no doubt that Desire will complement our existing strong fashion offer and provide Fairhill with another clear competitive edge." February Our first major property and land auction of 2007 will take place on Friday 23rd March at the Holiday Inn, Ormeau Avenue, Belfast. Co-auctioneers, John Martin and Fergus Slattery, will be disposing of over 60 lots including retail and office investments and development land across Northern Ireland and GB with a combined estimated value of £100 million. During 2006 Osborne King achieved over £78 million worth of sales at public auction and was the only Northern Irish consultancy to feature on the prestigious National Property Auction Index 2006 listing the Top 20 Auctioneers across the UK. The company's dedicated in-house team is working hard to develop further expertise in what was formerly an under-developed section of the local property market. As Mark Carron, Associate Director with Osborne King explains:- "The success of the major auctions that we have held over the past eighteen months indicates that selling and acquiring commercial property by public auction is a trend that is set to continue. The key to a successful auction is being able to select properties that appeal to investors and developers right across the property spectrum. We've been working hard to ensure that we have the right mix and quality of properties. Obviously, we're in a particularly strong market at the moment that is characterised by an insatiable demand for development land as well as commercial property in addition to rapid growth, all of which makes selling property by auction one of the cleanest, fastest and most effective means available." Our Auction catalogue will be available soon and will feature a wide range of commercial property and land including a significant proportion of Northern Irish residential development sites in addition to retail and office investments in Northern Ireland and in GB. For further information and an auction catalogue, contact Mark Carron, (Tel: 028 9027 0016), Chris Sweeney, (Tel: 028 9027 0032),.Andrew Coggins (Tel: 028 9027 0022) or Lisa Anderson (Tel: 028 9027 0041) or visit www.osborneking.com/auction.asp. For further details, please contact:- CKPR Caroline Kieran Tel: 028 9064 2741 January With the ban on smoking in the workplace and enclosed public spaces now imminent, one local operator has taken steps to ensure that his premises comply fully with the ban ahead of its implementation in April. Sid Johns, owner of 2Taps, the popular tapas restaurant and wine bar located at 42 Waring Street, Belfast, has created a patio area to the front of his premises capable of accommodating up to 60 people comfortably complete with outdoor furniture, patio heaters, and spot -lighting set into an expanse of awning covering the entire space. Glass windows ensure that customers are protected further from the elements as well as meeting the legal criteria of being open on three sides. Delighted with the overall result which involved minimal disruption to his day-to-day business, Sid Johns is confident that it is going to be a hit with customers stating:- "From the outset I viewed the smoking ban as more of an opportunity for our business than a threat and therefore we decided to be proactive and look at how best we could utilize our existing resources and street frontage. Effectively we've created an outdoor room which is in use currently and proving to be very popular with our customers ahead of the ban. In fact, we're already taking bookings from corporate customers who are planning to hold events in the patio area, which is an added bonus." "The bottom line is that customers who want to smoke will be able to do so in comfort whilst enjoying a drink and a meal outdoors so far from expecting the ban to have a negative impact on our business, we think it will actually benefit us in the long run. Using our outdoor space in this way also gives a much more European feel to the premises and if more local publicans and restaurateurs follow suit, this could well result in a genuine café-bar culture developing in Belfast, which would benefit us all." Understandably, many operators are concerned about how the smoking ban may affect their businesses, particularly since the introduction of blanket bans within the Republic of Ireland (2004) and in Scotland (2006) has given rise to reports of job losses, drop-offs in turnover and pub closures in rural locations. According to John Martin, Director of Licensed Premises at Osborne King:- "While operators such as Sid Johns look set to benefit from the ban, no one can yet predict whether it will have a detrimental impact on the industry overall. With regard to possible pub closures, a proportion of these will, in our view, be directly attributable to our buoyant residential market and the granting of alternative planning use permission for licensed premises sites. It's a fact that numerous public houses throughout Ireland have now been sold with the value being determined by the development potential rather than the value of a going concern." "There's no doubt that major challenges lie ahead for the entire licensed trade. However, with some degree of forward planning and a little originality of thought, there is no reason why local operators should fear the impending ban but use it instead to their advantage." For further details, please contact:- CKPR Caroline Kieran Tel: 028 9064 2741 |
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