Alterity Investments has bought the former BHS store on Castle Lane in Belfast, which has been empty since the retailer’s collapse into administration in 2016.
The 70,000 sq ft site was bought from M&G Real Estate for an undisclosed sum. Belfast-based Alterity is looking to refurbish and reconfigure the building, with potential to subdivide its ground floor into “a number” of retail units and for its upper three floors to be used for “a variety of purposes”.
As part of the redevelopment, Alterity also intends to work closely with Belfast City Council to rejuvenate Castle Arcade, a small passageway between Castle Lane and High Street.
Richard Faloon, commercial director of Alterity Investments, said: “We are confident about the retail sector’s ability to bounce back from the difficulties of the past year, and this strategic acquisition adds to the existing holdings the company already has in the Castle Lane and Cornmarket area.”
Brian Kidd of agency Frazer Kidd, which has been retained as commercial agent for the property, said: “Alterity is an investor with a proven track record in urban regeneration, and it is a vote of confidence in their hometown that they have committed to bringing this landmark building back into use.
“The property is a blank canvas that can be redeveloped in a flexible way to meet the needs of modern retailers as they adapt to how customers are now using city centres.”
M&G had previously gained consent to split the property into two retail units in 2018.
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