Although Northern Ireland has been slightly behind the rest of the UK in terms of economic recovery, there are signs that this is beginning to change – at least in terms of commercial development activity. One of the latest projects to gain approval is a retail park in the town of Holywood in County Down, where site owners are hoping a large area of high quality space will attract international retailers to the area.
Ards and North Down Borough Council granted planning permission for the development, to be known as Front, to Robinson Family Ltd and Colliers International earlier this week. Located between Hibernia Street, the Shore Road and Redburn Square – the latter of which is currently undergoing a large scale regeneration programme – the project will cost around £15 million to complete and is expected to bring numerous new brands to the town, with a number of leading coffee chains having reportedly already expressed an interest in occupying prime units.
Director of Colliers International’s Belfast office, Bill Kennedy, believes that the development will build upon work currently being undertaken to diversify the retail and leisure options on offer for local residents, along with lifting the amount of retail space for prospective tenants.
He says; “The town has seen an uplift in retail space, with its high street almost 100 per cent full.
“With public realm work under way, improving Holywood, we’re providing modern space and we think it will satisfy underlying demand.
“Front will provide 38,000 sq ft of modern retail and commercial space that will serve to draw more high profile names to the area, which can only be seen as a positive boost at a time when our town centres are in much need of investment.”
The current plans will see a new car park constructed along with a public space capable of hosting specialist market events and street entertainment. It is also believed that an anchor supermarket may be constructed as part of the development, as Holywood currently only has a Tesco Express for local consumers to purchase groceries.
Colliers International will work closely with developer Robinson Family Ltd to bring the scheme to fruition, with the latter having already prepared plans for a larger development on the site before the financial crash occurred. The resulting recession put the brakes on the project somewhat, although it is believed that the current rate of recovery will allow the development to be a success.
Mr Kennedy continues; “From the outset, interest in the Front development has been extremely positive which has encouraged the developer to remain steadfast in its commitment to the scheme during several tough economic years.
“Prudently, they have waited until the climate has improved before reinvigorating the project.
“We feel interest in Holywood from several retailers and commercial clients is growing and that the time is right now to launch this new mixed use scheme.”
