The largest city centre retail-led regeneration scheme in the UK opened in Belfast on Thursday. Paul Sargent, managing director of Multi Development UK said the 75,000 m[sup]2[/sup] Victoria Square shopping centre involved a capital investment of £400 mln (EUR 523 mln). The yield was around 5% this time last year although it has slipped out again in the current market,' he said.
The largest city centre retail-led regeneration scheme in the UK opened in Belfast on Thursday. Paul Sargent, managing director of Multi Development UK said the 75,000 m2 Victoria Square shopping centre involved a capital investment of £400 mln (EUR 523 mln). The yield was around 5% this time last year although it has slipped out again in the current market,' he said.
Multi's landmark development includes an iconic Dome and mixed-use functions. Commerz Real is the investor and sole owner of the project. The new retail centre will be managed by Savills, which also acted as adviser to Commerz Real on the deal.
Located on a 1.8 hectare site that links the city centre to the Waterfront and Laganside area of the main city in Northern Ireland, the developer estimates that 17.2 mln people will visit Victoria Square per year. The centre opened 75% pre-let with the remaining leases currently under negotiation. The anchor tenant, House of Fraiser invested over EUR 17 mln in its 18,580 m2 premises, making this store their largest in the UK and Ireland. The new shopping centre has a total of 98 shops and 18 restaurants on three floors. However, this is not just a retail offering, the scheme also features a leisure element, with an 8-screen Odeon cinema due to open in July and 107 residential apartments, which sold out in two weeks.
A key aspect of the design is the creation of a public meeting place and two new covered streets. Concept architects T+T Design created a neighbourhood consisting of 17 different buildings, as well as squares and streets. The tenant mix includes 39 new retail brands as well as brands aimed at the middle to high end of the market. The ground floor houses new fashion brands. The first floor accommodates mid range and existing brands. The café’s and restaurants are situated on the upper floor. The scheme also includes underground parking for 1,000 parking spaces.
'Over 3,000 jobs were created at Victoria Square in the construction phase of the project and a further 3,000 jobs will be created in the running of the centre,' Sargent said.
