Former BHS Building acquired by local investor

One of most significant retail locations in Belfast, the 70,000 sq ft site has been vacant since August 2016 when retailer British Home Stores went into administration.

Alterity has exciting plans to refurbish and reconfigure the building, with potential to subdivide the ground floor at Castle Lane into a number of retail units and for the upper floors to be used for a variety of purposes.

Subject to planning it also hopes to visually improve the exterior of the building to make it more attractive.

Terms of the deal between Alterity and previous owners M&G Real Estate were not disclosed.

Richard Faloon, Commercial Director of Alterity Investments, said: “Alterity is a local company and having predominantly invested in property throughout England and Scotland in recent years, we are delighted to be committing to this major investment into Belfast City centre.

“We are confident about the retail sector’s ability to bounce back from the difficulties of the past year and this strategic acquisition adds to the existing holdings the company already has in the Castle Lane and Cornmarket area.”

Frazer Kidd have been retained as commercial agent for the property, which comprises three upper floors and a ground floor that opens onto Castle Lane, Castle Arcade and Cornmarket.

Brian Kidd explained: “Alterity is an investor with a proven track record in urban regeneration and it is a vote of confidence in their home town that they have committed to bringing this landmark building back into use.

“The property is a blank canvas that can be redeveloped in a flexible way to meet the needs of modern retailers as they adapt to how customers are now using city centres.

“This is a fantastic opportunity for any retailer who is new to the Northern Ireland market or one who is already in it who wants unique premises that are not only in a prime location but will also form a gateway between Belfast’s Cathedral Quarter and the City Centre core.”

As part of its proposed redevelopment of the building, Alterity also intends to work closely with Belfast City Council to rejuvenate Castle Arcade, a small passageway between Castle Lane and High Street, as part of its ongoing Entries Project.

Alterity Investments was formed in 1975 and is a family-owned property and investment company. Operating throughout the UK, it has assets in excess of £100m spread across various sectors and owns several other buildings in central Belfast, including other retail sites on Castle Lane.

Its properties are situated in prime locations across the UK, with its client portfolio including companies such as Joules, Waterstones, Lloyds Bank, Starbucks, Costa, Greggs and Cotswold.

A message from the Editor:

Thank you for reading this story on our website. While I have your attention, I also have an important request to make of you.

In order for us to continue to provide high quality and trusted local news on this free-to-read site, I am asking you to also please purchase a copy of our newspaper whenever you are able to do so.

Our journalists are highly trained and our content is independently regulated by IPSO to some of the most rigorous standards in the world. But being your eyes and ears comes at a price. So we need your support more than ever to buy our newspapers during this crisis.

With the coronavirus lockdown having a major impact on many of our local valued advertisers - and consequently the advertising that we receive - we are more reliant than ever on you helping us to provide you with news and information by buying a copy of our newspaper when you can safely.

You can also enjoy unlimited access to the best news from across Northern Ireland and the UK by subscribing to newsletter.co.uk

With a digital subscription, you can read more than five articles, see fewer ads, enjoy faster load times, and get access to exclusive newsletters and content. Visit https://www.newsletter.co.uk/subscriptions now to sign up.

Thank you