Two of Northern Ireland’s most iconic retail schemes have been sold to the Frasers Group for an undisclosed sum, 10 years after local property business the Lotus Group first acquired the sites.
The Lotus Group bought Junction One, Antrim and the Outlet, Banbridge in 2016. The purchase was one of the region’s most significant retail transactions at that time.
The original purchase aimed to turn round the fortunes of the struggling retail parks and saw investment to redevelop and rebrand both schemes, transforming them into the thriving retail destinations they are today.
The Boulevard, Banbridge is now Northern Ireland’s premium shopping destination, boasting brands such as GUESS, kate spade ny, Whistles, Phase Eight, Hobbs, Nike, Jack Wills and Timberland.
The Junction Retail and Leisure Park has recently welcomed Northern Ireland’s second Popeyes restaurant and benefitted from a facelift when garden centre retailer, Dobbies, chose it as the location of its largest store in the UK.
Alastair Coulson, Managing Director of Lotus Property said: “In 2016 we set out to turn around the fortunes of these two unique assets and both have performed well beyond our expectations. Both schemes are now busy and bustling retail hubs, with The Junction serving a loyal community in Antrim and the surrounding towns and The Boulevard, drawing visitors from across Northern Ireland and attracting cross-border traffic from Ireland daily. We have had much interest over the years in terms of buyers but we’ve always been keen to deliver what we set out to do. We’ve done that – and now feels like the right time to hand these assets over to a buyer we know can take them to the next level again. Both schemes will continue to trade business-as-usual and will continue to thrive under the stewardship of the long-standing centre management teams and property management partners who have all played a monumental role in the successful rebrands and growth of both destinations.”
