Daily Mirror (Northern Ireland)
BACK BY XMAS
Retailer recovers after blaze nightmare with £15m deal for new store
PRIMARK is planning to open a new store in Belfast before Christmas.
The retail giant is believed to have acquired Fountain House in Donegall Place for almost £15million.
Sources revealed part of the deal involves New Look moving out by the end of November.
The retailer’s Bank Buildings base was gutted by fire last month.
A spokesman said: “It has always been Primark’s intention to be back trading in Belfast as soon as possible.”
PRIMARK has plans for a new Belfast store just in time for the Christmas rush.
The retail giant is believed to have acquired Fountain House with the proviso New Look, which is currently in the building, is out by the end of November.
M&G Property Portfolio was asking £14.75million for the B1 listed Donegall Place premises. It is understood Primark paid close to that price.
A spokesperson for the company said: “Following the devastating fire at Bank Buildings, it has always been Primark’s intention to be back up and trading in Belfast as soon as possible, whilst also doing everything we can to support the wider business community in the city.
“We have been working hard to identify suitable premises and can confirm we are currently involved in commercial discussions in relation to Fountain House, Donegall Place.
“We are also still assessing the possibility of trading from Commonwealth House, Castle Street. We will share further details as soon as possible.”
Retail NI’S Glyn Roberts said if the deal pans out it is to be welcomed.
He added:
“Primark has been a fantastic footfall driver for Belfast
City Centre.
“It will be great to see them open a new shop.
“Whether that’s for the short term or the long term it has to be welcomed. I would hope they could be back up and running by Christmas – that would be fantastic.”
Hospitality Ulster chief Colin Neill also welcomed the move and said: “It’s very good news for Primark and very positive for Belfast. It is great to see them back on the level.”
He praised the firm for its very generous £500,000 donation to the city but said he still has concerns about the cordon and the impact it is having.
Mr Neill called on Primark to consider facilitating other shops such as fashion retailer Zara inside the new store.
He said: “What about the people who can’t open up again? This was a huge crisis for Primark, but I think it’s tougher for some of the small businesses.”
Property firm Colliers International facilitated the sale of the 46,000 sq ft Fountain House.
Current tenant New Look has no option but to comply with its eviction because of a Company Voluntary Arrangement it entered into last year.
The fashion chain stayed tight-lipped on whether it was served notice and has to be out by the end of November.
The move will cut short New Look’s lease by 10 years, but it has another store in the nearby Castle Court centre. Belfast retailers have taken a huge hit since Bank Buildings burned down last month.
Fourteen businesses remain behind a cordon but those outside the exclusion zone have seen footfall drop by as much as 80%.