Leading commercial property agent acquires Bloomfield Shopping Centre and Retail Park on behalf of Ellandi and Tristan Capital Partners.

Leading commercial property agent Lisney has completed the £54.5m acquisition of Bloomfield Shopping Centre and Retail Park in Bangor.

The acquisition has been made by Lisney on behalf of major investors Ellandi and Tristan Capital Partners. The 418,000 sq ft retail scheme, which dominates the North Down catchment, is anchored by Tesco and M&S, with a flagship 35,000 sq ft Next store due to open in Spring 2016.

This is the second major retail scheme which Lisney has bought for Ellandi &Tristan in the last year, has acquired the 160,000 sq ft Erneside Shopping Centre in Enniskillen for them in March.

Nicky Finnieston, Investment & Retail Director at Lisney, commented:

“We have been working closely with Ellandi for a number of years now and had been tracking the progress of Bloomfield for a while. The strength of the tenant line-up and the very tangible asset management opportunities were a big attraction. We are really looking forward to working with Ellandi, and on this asset, to deliver the business plan.”

This transaction represents an excellent start to 2016 following on from 2015 when investment volumes broke £420m. Other deals agreed in 2015 and currently in the pipeline should see volumes in the first few months of 2016 close to £150m.

Acquisitive investors in the Northern Ireland market, including Tristan, Chenavari, Rockspring & M&G, have been attracted by the strengthening occupational demand, rising rents and perceived value is given the yield gap between Northern Ireland and GB.

Nicky added:

“This deal comes at the end of a very busy year for the Investment team at Lisney, one in which we have transacted in excess of £150m worth of retail investments, including Erneside Shopping Centre in Enniskillen, Boots in Belfast’s Donegall Place, the Richmond Centre in Derry/Londonderry and Belfast’s Donegall Arcade.

For more information about commercial property opportunities in Northern Ireland, please contact Lisney Belfast on +44 (0)28 90 501501.