A CO Down shopping centre, vacant since 2019, has been sold out of administration to a local developer in what has been described as a “a multi-million-pound deal”.
The Flagship Centre in Bangor’s Main Street has been acquired by Brookland Property, just over two years after the collapse of the investment vehicle behind it, Bangor Investments LLP.
The undisclosed sum paid for the 157,000 sq ft retail asset includes a 430-space car park.
Bangor native Ricky McLarnon, who heads Brookland, said reopening the car park would be the new owner’s first priority.
He added that “an innovative proposal” for the rest of the complex would be presented to Ards and North Down Borough Council “imminently”.
“As someone who was brought up in Bangor, I remember the Flagship Centre as a vibrant part of the town centre,” said Mr McLarnon. “And it is our plan that with the right investment and vision, that that economic and social contribution to Bangor will return.”
Built in 1989, at its peak the centre was anchored by a 32,000 sq ft Dunnes Stores outlet, with former retail tenants including Co-Op, Iceland, Argos and Peacocks. Burger King and Subway were among the eateries operating from the upper level food court.
It’s understood the centre was sold for around £15 million in 1999.
By 2005, the centre came under the ownership of Flagship Centre Limited, a company ultimately controlled by Northern Ireland property magnate Michael Herbert.
By 2016, just eight of the centre’s 30 units were occupied, with the asset put on the market for £1m as a potential redevelopment opportunity.
A new limited liability partnership (LLP), Bangor Investments LLP, was set up in 2016 to buy the Flagship Centre for £2.3m.
The LLP comprised around 18 investors based in Manchester and Israel, who planned to refurbish and modernize the retail destination, attract new tenants, and eventually sell the asset on.
But the loss of Argos, Dunnes and Poundworld across 2017 and 2018 hit the centre badly and it fell into insolvency and ultimately administration by May 2019.
According to a report prepared by the administrator Alex Kachani, the asset had been valued at £2m-£2.5m in April 2019.
Mark Riddell, who acted as sales agent for the administrator, said: “Brookland have ambitious and achievable plans for the scheme which will enhance the wider town centre experience and which should reverse the recent increase in vacancy, building delinquency and anti-social issues in the town centre.”
Geoff Thompson of Bangor Chamber of Commerce described it as a much-needed boost for the town centre, stating that it would complement other major projects including the proposed development at Queen’s Parade and the regeneration of Bangor’s waterfront.
“Increased footfall and further incentives to visit the town are imperative to Bangor’s future success,” he said.
While the centre itself has been empty since 2019, North Down Community Network has occupied the adjacent unit on Main Street which is also part of the sale. Brookland has extended the charity’s licence and has more than doubled its footprint to 9,000sq ft.
