01/12/2011

Bangor Retail Park Set For Further Expansion

There's to be further infrastructure investments at a major Co Down retail park.

The work is to be at the expanding Balloo Retail Park in Bangor and will help create dozens of new jobs, as well as construction or shop fitting jobs during the fitting-out phase.

When the second phase of development is complete, Balloo will comprise more than 130,000 sq ft of retail space with extensive dedicated car parking spaces, and a petrol filling station.

A multi-million pound investment has just been completed at the scheme and will then act as a catalyst for further significant expansion in a second phase.

Earlier this month, a 60,000 sq ft Sainsbury's supermarket opened at the park, owned by John Morgan Estates, and is expected to help draw a large amount of interest to the growing scheme from other high quality retailers.

Planning approval is now in place for a further 20,000 sq ft of retail space, covering either one large or two smaller retail units, and the investment that will result is expected to create dozens of new jobs.

David McNellis, Agency Director at Lisney, the letting and managing agent for Balloo Retail Park, said the reconfiguration and updating of the Homebase unit and the creation and opening of Sainsbury's will result in a big increase in footfall, making the park very attractive to other retailers.

"The first phase of redevelopment involved a complex deal to tailor the existing Homebase space and accommodate a major new Sainsbury's supermarket.

"The second phase, which we will be releasing shortly, will provide a great opportunity for retailers who are complementary to Sainsbury's and Homebase to benefit from a very prominent location in a high footfall, revitalised retail park," he pointed out.

"We have already had significant interest in the second phase from a range of quality retailers, and we expect even more interest now that Sainsbury's is open and drawing a large number of shoppers," he added.

Bank of Ireland funded the investment for the new Sainsbury's. Commenting on the new development, Richard McNamara, Senior Business Manager, Bank of Ireland UK said: "Bank of Ireland has worked with John Morgan Estates Ltd for many years and we are delighted to support the redevelopment of this retail park in Bangor.

"We are committed to supporting its customers during both start-up and expansion phases. It is particularly satisfying to work with a customer where their business growth will have a positive impact on the area through job creation and commercial development and we look forward to continuing this partnership with them on future developments."

(BMcC/GK)

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