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News - 17/12/2019

Lambert Smith Hampton appointed as management and leasing agent on Sprucefield Retail Park

Following NewRiver REIT’s recent acquisition of the scheme from Intu Properties Plc for £40m.

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Lambert Smith Hampton has been appointed as the management and leasing agent on Sprucefield Retail Park following NewRiver REIT’s recent acquisition of the scheme from Intu Properties Plc for £40m.

Sprucefield Retail Park is one of Northern Ireland’s leading out-of-town retail destinations, located just one mile south of Lisburn city centre, adjacent to the main junction between Northern Ireland’s M1 motorway and the A1 road, which is the main route connecting Northern Ireland to the Irish Republic.

The 47-acre site comprises a five-unit retail park providing 231,000 sq ft of retail space, a 1,200-space free car park and 18 acres of development land.

Sprucefield Retail Park

Keith Shiells, director of LSH, who acted on behalf of NewRiver during the transaction with Intu Properties, said:

“We are delighted to be appointed on Sprucefield Retail Park and to continue our relationship with NewRiver on another scheme. This is a popular shopping destination with two strong anchor retailers which attract a high level of footfall. It benefits from an excellent location, close to the main arterial motorway for Northern Ireland, and a competitive rent which makes it an ideal scheme for large scale retailers keen to expand their current footprint in Northern Ireland. There are already a number of interested parties and we expect to be able to add to the offering with exciting new additions in the near future.”

Charles Spooner, director of NewRiver REIT, owners of Sprucefield Retail Park said:

“We are delighted to have acquired Sprucefield Retail Park, recognising it as one of the leading retail destinations in Northern Ireland. This marks our second acquisition in Northern Ireland as we also own the Abbey Shopping Centre in Newtownabbey, an excellent community shopping centre which we have invested just under £10m in to date to further improve it since acquiring in 2014.

“As well as further enhancing the strong line up of retailers on Sprucefield Retail Park we are working up development plans for the 18 acres of land which may include a combination of retail, leisure and potential for a drive-thru. We’re thrilled to continue our working relationship with the team at Lambert Smith Hampton as we progress our asset management and development plans here in Sprucefield.”

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