Commerz Real, the owner of Victoria Square, Belfast, has announced the landmark destination has achieved an outstanding £2bn in sales since opening ten years ago. Victoria Square officially marked its tenth anniversary on March 6 with a number of events to celebrate the milestone and the centre’s significant contribution to the economy of Belfast and Northern Ireland.
Victoria Square’s 800,000 sq ft of retail space extended the amount of retail space in the city centre by almost a third and has since generated substantial annual revenue whilst providing a stellar line-up of brands and operators. Victoria Square has become renowned for attracting regional debuts for international brands in Northern Ireland. Lambert Smith Hampton, leasing and managing agents of the destination, secured Michael Kors, Karen Millen, YO! Sushi, JD Sports, Mango, Pretty Green, Hugo Boss, Five Guys and Zizzi over the past 10 years. The scheme is also committed to an independent line up and supports local businesses and traders as part of the retail mix.
Commenting on the news, Katharina von Schacky, divisional head of Real Estate Markets Shopping at Commerz Real, said: “We are delighted to report this landmark achievement for Victoria Square. Commerz Real continues to use its resources and industry knowledge to ensure that high quality is maintained across its international assets and we look forward to Victoria Square continuing to outperform. We remain committed not only to Victoria Square, but to Belfast as well. ”
Anyi Hobson, senior asset manager at Commerz Real, added: “The significant investment Commerz Real has put into the destination and a well-executed, long-term leasing strategy has made it the city’s dominant retail and leisure destination. It is a standout site both locally and within our international portfolio of destinations.”
Criona Collins, Head of Retail Agency at Lambert Smith Hampton, Victoria Square’s asset manager, added: “Our team has been involved in the leasing of 31 units over the past five years, which has kept Victoria Square’s leisure and retail offering fresh, attractive and exciting. In the last 12 months, we have worked on some very exciting investments, including the £5m renovation by House of Fraser, which saw the entrance of new brands including Charlotte Tilbury, Nars and Frédéric Malle. Our leasing strategy focuses on providing aspirational brands and adapting the line-up to fit shifting consumer trends. This ensures a vibrant and exciting offer at Victoria Square and we are proud to have assisted in its success.”
Victoria Square employs almost 2,500 staff and has contributed around £7.5m in rates every year since opening – a total of more than £75m that has gone into the local economy. Victoria Square has also contributed significantly to the community in the past decade, raising more than £200,000 for local charities. This year, mental health has been chosen as its cause of the year and Victoria Square will be providing support to five local mental health charities.
Lambert Smith Hampton Belfast works on property management and retail lettings for Victoria Square.
Commerz Real AG
Commerz Real is a subsidiary of Commerzbank AG with more than 45 years of market experience and approximately 31 billion euros in assets under management. The company combines comprehensive know-how in asset management and a broad-based structuring expertise to deliver its signature range of services of fund products focused on tangibles and bespoke financing solutions. The fund spectrum includes the open-ended real estate fund hausInvest, institutional investment products as well as entrepreneurial participations in real estate, aircraft, regenerative energy and ships. In its role as leasing company of Commerzbank Group, Commerz Real offers tailored equipment leasing concepts along with bespoke financing arrangements for assets such as real estate, big-ticket equipment and infrastructure projects. www.commerzreal.com