Marks & Spencer has put a retail park in Lisburn, outside Belfast, up for sale at £105m.
The 220,000 sq ft Sprucefield Centre is the retailer’s only investment property and includes McDonald’s, Homebase, JJB, MFI and Laura Ashley, as well as a 94,000 sq ft M&S store.
A source close to the company said: “This is an investment property rather than an operational property. M&S doesn’t see the need to hold investment properties.”
Interest is likely to come mainly from private Irish investors, although Australian giant Westfield, which owns the adjacent 500,000 sq ft Sprucefield development, is also likely to bid.
Westfield’s scheme is subject to a judicial review, after Belfast and Lisburn councils, along with several developers including Multiplex and AM, complained that the granting of a 530,000 sq ft extension to accommodate a 240,000 sq ft John Lewis department store went against government policy to protect town centres.
Cushman & Wakefield Healey & Baker is advising M&S.
References: EGi News 03/02/06
