The owners of Sprucefield Retail Park have revealed plans to merge two large vacant units at the Lisburn shopping hub.
NewRiver (Sprucefield) Limited has notified Lisburn and Castlereagh Borough Council of its intention to merge the former Argos and Next Home units at the site next to the M1 motorway.
The company has lodged a proposal of application notice (PAN), which is required for all major developments.
It typically precedes a full detailed planning application.
The PAN does not indicate a change of use, suggesting it will remain as a retail unit.
The new tenant has not yet been disclosed.
The 10,792 sq ft Argos unit has been vacant since the catalogue retailer relocated its Sprucefield operation inside the Sainsbury’s superstore next door.
Next closed its 10,782 sq ft homewares store at Sprucefield Retail Park over the summer.
The company, which also operates a store in the nearby Sprucefield Shopping Centre, declined to provide any details on the decision to close the Home store.
Sprucefield Retail Park, which includes units leased to B&Q, Sainsbury’s and The Range, was acquired by NewRiver for £40 million in 2020.
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The investment trust later sold 90% to a fund managed by the US-based Pacific Investment Management Company (Pimco). NewRiver retains a 10% share.
The company is in the first phase of a major £20 million expansion of the retail park.
Three new restaurant units have already been developed next to the Sainsbury’s fuel forecourt
Slim Chickens and Starbucks have already opened two new drive-thru outlets at the site, with Nando’s set to open in the third unit on January 22.
NewRiver has also lodged a planning application to develop a fourth restaurant pod next to the new development.
The tenant for the new pod has not yet been confirmed.
The wider development plan for Sprucefield Retail Park involves additional retail warehouse units and a hotel.
The company also reached terms with Lidl in September 2022 to sell part of its Sprucefield site to the supermarket chain, subject to planning approval.
The German grocer submitted a full planning application for a 27,000 sqft supermarket in April 2023.
Lidl is planning to develop a ‘type 17’ concept store, which is the largest model of supermarket it builds.
The latest accounts filed for NewRiver (Sprucefield) Limited indicate the landlord had expected the planning approval to be granted in the second quarter of 2024.
But, some 21 months on, the application remains in the planning system.
The annual Companies House report for the retail park owner show its revenue marginally slipped to £3.967m in 2023.
The report also reveal the retail park’s valuation was downgraded by £1.4m in 2023 to £46.85m.
The company also paid £2.1m in interest and other similar costs during the same year.
It ultimately left the retail park owner with a loss before tax of £145,000 in 2023.
