NORTHERN IRELAND
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THE RESTAURANT POD AND DRIVE-THRU REMAINS DOMINATED BY THE LIKES OF MCDONALDS, TIM HORTONS AND COSTA.
Active leisure demand from big box operators such as We Are Vertigo, Air-tastic and Captain Greens Adventure Golf is strong. This is supported by Belfast City Council releasing new plans for Giant’s Park, a 250-acre site located 1 mile north of Belfast City Centre. Giant’s Park will be entirely leisure focused with a huge range of integrated indoor and outdoor activities delivered via the masterplan alongside a theme park, bike trails and outdoor venues.
The restaurant pod and drive-thru remains dominated by the likes of McDonalds, Tim Hortons and Costa. Tim Hortons recently opened their first Northern Ireland drive-thru at Connswater retail park, with more in the pipeline.
The out-of-town market remains buoyant with take up coming in the form of Home Bargains, Iceland Food Warehouse, Lidl, B&M Bargains and Poundstretcher. These occupiers are demonstrating an appetite to purchase freeholds most notably with Home Bargains recent purchase of the Homebase box in Longwood retail park and the acquiring of Castlereagh retail park.
PRIME RENTS
As a consequence of a number of factors, including a slight decline in footfall, Belfast’s prime pitch, Donegall Place, has seen Zone A rates ease back to £145 psf, a small fall from the 2017 level (£150 psf).
DEVELOPMENT
The new 750,000 sq ft Ulster University City Centre Campus will open in 2021, and, on completion, will facilitate over 17,500 staff and students.
Ulster University City Campus together with Tribeca Belfast and Belfast Waterside have the physical capacity to bring over 3m sq ft of mixed use (office and residential) to the city centre.
Subject to Belfast City Council supporting the delivery of these projects then the outlook from Colliers is very positive for retailing in Belfast City Centre from 2021 onwards.
KEY TAKEAWAYS
Within the Northern Ireland F&B sector, health warnings still exist and with the potential rise in the cost of imported food, analysts are suggesting there are a number of leveraged operators who will face significant challenges.
EXECUTIVE SUMMARY
THE MARKET
RETAIL REIMAGINED
MONEY
IS THIS THE END OF THE GOLDEN AGE OF ONLINE RETAILING?
KNOWLEDGE
SHOPPING WITH A CONSCIENCE
FOOD
REGIONAL UPDATES
CONTACTS
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