Lisney Pulse - Issue 01 - February 2016

PULSE ISSUE: 01

//PAGE 2

///PAGE 3

MONTH: FEB 16

/////PAGE 5

2015 Transaction Levels Double

Strength In Numbers

Sale & Leaseback... An Option?

The findings were announced as Lisney’s Q4 2015 Northern Ireland Commercial Property Report was released. The report is the most extensive...

Lisney Northern Ireland has expanded its workforce by over 30% during 2015, with eight new recruits boosting the total staffing level to 31...

It’s a segment of the market which is traditionally seen largely as the reserve of PLCs, but, for a number of reasons, some...

Lisney acquires Bloomfield Shopping Centre and Retail Park on behalf of Ellandi and Tristan Capital Partners

LISNEY COMPLETES £54.5M ACQUISITION Next are due to open a flagship store at Bloomfield in April ‘16 2

Lisney has completed the £54.5m acquisition of Bloomfield Shopping Centre and Retail Park in Bangor.

The acquisition has been made

by Lisney on behalf of major investors Ellandi and Tristan Capital Partners. The 418,000 sq ft retail scheme, which dominates the North Down catchment, is anchored by Tesco and M&S, with a flagship 35,000 sq ft Next store due to open in Spring 2016.

TWICE THE TRANSACTIONS NI Commercial Property Investment Hits £420M As Transaction Levels Double. 2015 NI Commercial Property Report reveals investment and retail as real winners of 2015.

This is the second major retail scheme which Lisney has bought for Ellandi &Tristan in the last year, having acquired the 160,000 sq ft Erneside Shopping Centre in Enniskillen for them in March.

Nicky Finnieston, Investment

& Retail Director at Lisney, commented: “We have been working closely with Ellandi for a number of years now and had been tracking the progress of Bloomfield for a while. The strength of the tenant line-up and the very tangible asset management opportunities were a big attraction. We are really looking forward to working with Ellandi on this asset, to deliver the business plan.”

This transaction represents an excellent start to 2016 following on from 2015 where investment volumes broke £420m. Other deals agreed in 2015 and currently in the pipeline should see volumes in the first few months of 2016 close to £150m

Acquisitive investors in the Northern Ireland market, including Tristan, Chenavari, Rockspring and M&G, have been attracted by the strengthening occupational demand, rising rents and perceived value given the yield gap between Northern Ireland and GB. Nicky added: “This deal comes at the end of a very busy year for the Investment team at Lisney, one in which we have transacted in excess of £150m worth of retail investments, including Erneside Shopping Centre in Enniskillen, Boots in Belfast’s Donegall Place, the Richmond Centre in Derry/Londonderry and Belfast’s Donegall Arcade.”

- 2-

THE PULSE

ISSUE: 01

MONTH: FEB 16

“The adoption of the rates revaluation has also delivered muchneeded help to high streets and the main shopping areas, which has had a positive effect on occupancy levels within these areas.

“The higher number of investment transactions in 2015 indicates a return to a more normalised transactional environment less focused on wholesale bank deleveraging, which saw numerous portfolios dominate the market last year.

“Lisney’s own Investment department has transacted in excess of £150m in the last year” Commenting on the office market and the challenges faced by the industrial sector, Mr Flynn continued:

CITY QUAYS 1; One of the few Grade A developments of late

2015 Transaction Levels Double as investors take note of Northern Ireland

NI Commercial Property Investment Hits £420M 2015 NI Commercial Property Report reveals investment and retail as real winners of 2015 The findings were announced today as the 2015 Northern Ireland Commercial Property Report was launched. Compiled by Lisney, the report is the most comprehensive and long-established study of the commercial property market in Northern Ireland across the investment, retail, office and industrial sectors.

The report revealed that the retail sector is strengthening, with prime retailing locations throughout Northern Ireland having enjoyed their first fall in vacancy rates last year since 2011. However, the findings for the office and industrial markets paint a less positive picture.

Looking ahead, Lisney predicts that the Northern Ireland commercial property market will sustain its resurgence during 2016 and be strengthened further by ever-improving consumer confidence.

HEADLINE RESULTS • The number of investment transactions doubled in 2015 showing a move away from large portfolio sales as the market normalised.

• The volume of transactions hit £420m at the end of 2015.

In the absence of this Grade A office stock, 2016 will see investors and developers continue to chase older vacant buildings with a view to refurbishing the office space or potentially changing the use • A further £100m of transactions in legals at end 2015 and £70m of property on the market indicates an active start to 2016.

• Whilst retail vacancy rates still lag behind the rest of the UK, prime town centre and out of town retail locations returned the lowest vacancy levels recorded since 2011.

• Prime retail vacancy rates fell by 2.5%, from 17.1% in 2014 to 14.6% in 2015.

• Take up in the Grade A office market has finally stalled due to a lack of availability.

• Industrial availability is at an all-time low gradually forcing an increase in rent.

‘KNOCK ON EFFECT’ Declan Flynn, Managing Director of Lisney Northern Ireland, which specialises in office, retail, leisure and industrial property acquisition,

disposal and investment, commented: “The knock-on effect of the continuing success of the UK property market has seen a significant increase in the number of investors and developers beginning to sit up and take note of Northern Ireland and what we have to offer.

“This is particularly evident within the retail market, which is being driven by improving consumer confidence, reducing vacancy rates and improving rents.

“A key positive has been the number of new investors in the Northern Ireland market. With Ellandi, Rockspring, M&G and Chenavari taking advantage of the opportunities the region currently offers. It is also notable that the depth of purchaser pool is providing confidence in relation to liquidity in the region.

“Unfortunately 2015 will be remembered as the year when take up in the Northern Ireland office market stalled, largely due to a supply failure.

“With a severe shortage of Grade A stock headline rents can only go up which will encourage new office developments.

“In the absence of this Grade A office stock, 2016 will see investors and developers continue to chase older vacant buildings with a view to refurbishing the office space or potentially changing the use - for example, office to hotel, or office to student housing. This will remain the case until rents reach a viable development level.

“The industrial sector remains challenging, with a shortage of good quality accommodation and viable developments some way off. This is presenting a problem for new entrants looking for suitable premises available for immediate occupation.”

Looking ahead, Mr Flynn added: “We have already seen significant activity within the local investment markets this year and I expect Northern Ireland will remain firmly on the radars of local and national investors throughout 2016.

“The reduction of Corporation Tax in 2018 has the potential to fuel further growth in our market, and certainly ticks important boxes in meeting the needs of global employers. It takes Northern Ireland’s appeal to international investors to a new level and is an important opportunity that must be grasped with both hands.

“The Commercial Property market in 2016 will continue to accommodate many moving parts across all sectors and the next 12-18 months will present a number of opportunities for international investors, but also local investors as finance becomes more accessible.”

INSIDE LISNEY

- 3-

THE PULSE

Lisney optimistic following 2015 recruitment.

ISSUE: 01

MONTH: FEB 16

In the General Agency Department, Surveyors Lynn Taylor and Olivia Martin bolstered Lisney’s growing FCR department during 2015 with their arrival within weeks of one and other.

They were then joined in late 2015

by Surveyor Kelly Porter. As the number of female surveyors at Lisney reaches an all- time high, this could be a sign that the ongoing RICS drive to encourage more women into the industry is indeed working.

NEW ROLES

Lisney’s 2015 recruitment wasn’t just about surveyors either. Chris Campbell’s appointment to a new role as Lisney’s first Design & Marketing Executive results in Lisney now providing dedicated, in-house, design and marketing services.

In the Accounting Department the trend for growth in recruitment has also been echoed with the appointment of Sarah Crothers and Natalie Fisher in newly- created Account Support roles.

Commenting on the new roles created in 2015 Declan Flynn, MD at Lisney, went on:

Declan Flynn, MD at Lisney Northern Ireland with new recruits Lisney Northern Ireland has expanded its workforce by over 30% during 2015, with new recruits boosting the total staffing level to 31.

All eight of Lisney’s new appointments are aged 35 or below, bringing a fresh dynamic to an experienced agency team which managed several of Northern Ireland’s largest commercial deals in the last 12 months.

Declan Flynn, Managing Director of Lisney Belfast, said: “Lisney is cautiously optimistic about the outlook for the Northern Ireland commercial property market in 2016 and, as such, invested significantly in recruitment throughout 2015 to expand our team.”

“This has ensured that we are well positioned to meet the increasing needs of our extensive client base across the range of services which we provide, as well as being equipped to offer new services in the ever changing NI commercial property market.”

“Experience is crucial to the success of any leading commercial property agency and our personnel have stellar pedigrees and expertise in their fields. However, an influx of younger members can provide a

major boost to any team and we are reaping the benefits of that.”

FAMILIAR FACES

Not all the new starts during the year were unfamiliar faces as Stephen Chambers, a Surveyor at Lisney back in 2008, returned to fulfil an appointment as Associate Director in the Investment Department while his contemporary, Andrew Knox, having completed his student placement with Lisney, returned as a Graduate Surveyor.

Andrew and Stephen strengthen a team which transacted in excess of £150m in 2015 - more than 30% of Northern Ireland’s annual investment transactions, and oversaw the recent £54.5m acquisition of Bloomfield Shopping Centre by Ellandi.

pricing and I’m delighted that we’re growing to meet the needs of our clients.”

“It’s important that we not only concentrate on developing our core business but also are aware of the importance of support services and new opportunities. The new roles created allow us to stay competitive and ensure our standards of excellence don’t slip as the market changes.”

OUTLOOK 2016.

READ OUR 2015 RESEARCH AND 2016 OUTLOOK ONLINE NOW

Looking ahead to 2016, Nicky Finnieston, Director of Retail and Investment said: “The acquisition of Bloomfield Shopping Centre represents a hugely positive note on which to start 2016 and heralds a very exciting period for everyone at Lisney.

“This is particularly the case within the retail and office sectors where increased confidence is having a significant impact on demand and

Your Property. Our Business.

WE’RE EXHIBITING AT COMPLETELY RETAIL

Ireland R KS T W OL E N I R T P HE CAS AT T U B L I N D 16

b 20 e F 23rd

STAND

17

Your Property. Our Business.

SME ADVICE

- 5-

THE PULSE

ISSUE: 01

MONTH: FEB 16

'Sale and Leaseback' Now Potentially An Option For SME's tax implications on an appreciating asset in an improving market.

It would be remiss not to make a note of caution and outline that it also carries potential downsides.

Businesses are ultimately giving up ownership of their premises and, while buy back options can be included, they may lessen the tax benefits.

The potential for capital gains liability must also be considered, as must a reduction in flexibility as a business is anchored to a lease term and rent.

Notwithstanding these potential negatives, sale and leaseback provides SMEs with a major opportunity to convert their equity into cash flow while retaining an interest in their property.

Declan Flynn, Nicky Finnieston and Stephen Chambers think ‘Sale and Leaseback’ is now a viable option.

Already 2016 has heralded a number of very upbeat predictions about the prospects of the Northern Ireland commercial property market.

And, right on cue, we had the announcement last week that the £54.5 million purchase of Bloomfield Shopping Centre by major investor Ellandi had been completed.

Acquisitive investors in the Northern Ireland market, including Tristan, Chenavari, Rockspring and M&G, have been attracted by the strengthening occupational demand, rising rents and perceived value given the yield gap between Northern Ireland and Great Britain.

They may not realise it – or at least have not fully considered it – but the improved performance of the local commercial property market has created a climate which could present a major opportunity for a number of SMEs across Northern Ireland.

Many SMEs who are owner occupiers of their premises could now have the chance to convert their equity into cash flow while retaining an interest in their property.

This opportunity comes in the form of ‘sale and leaseback’ deals – the sale of an asset which the vendor rents back from the buyer immediately after the sale, thereby raising cash.

It’s a market which is not particularly mature in Northern Ireland, but the conditions are now conducive to

becoming much more commonplace.

It’s a segment of the market which is traditionally seen largely as the reserve of PLCs, but, for a number of reasons, some of Northern Ireland’s SME-led economy now has the chance to take advantage of sale and leasebacks.

One of the main factors is that, in an ever-improving market, investors are less risk-averse. If the underlying asset is of good quality, the location is sustainable and the rent is anchored to the market, then buyers are more likely to take a view on the covenant and be more willing to engage with SMEs. Another reason is the re-emergence of many businesses following a period of consolidation, meaning that conditions are now ripe for many to release capital and re-invest. Whilst debt is cheap, Northern Ireland’s core banking market is still tentative and cash flow lending is still challenging for many of the mainstream Banks.

There are a number of significant benefits to SMEs of engaging in sale and leasebacks, the biggest and most obvious one, of course, being that it is a quick and effective method of releasing full value for real estates and improving cash flow. It can also pave the way for reducing expensive debt and facilitating re-investment in the business.

Sale and leaseback allows a business to operate from the same premises whilst avoiding the risks associated with owning property, while the fixed monthly rental payments may make cash flow management a simpler task.

The potential tax benefits of sale and leaseback are also evident as it may enable companies to offset rent as an operating expense or avoid any

The potential benefits for both the business and the investor are significant if the deal is structured correctly. The business will receive full value as opposed to utilising a commercial mortgage and being constrained by mainstream Banking loan to value policies.

With private money having a renewed appetite for property investment, our local SME businesses might be surprised at what they could realise for their property assets on a sale and leaseback basis - if the property fundamentals are right.

THE BUYING SCOTSMAN Nicky Finnieston is Director of Retail and Investment. He joined Lisney in 2006 having previously worked in Glasgow and London specialising in the restaurant and leisure sectors.

Since joining Lisney Nicky has built up the retail agency department acting for major retailer and landlords in the acquisition and leasing of retail space on the high street, shopping centres and retail parks throughout NI. In the last few years Nicky has been actively involved in retail investment with the acquisition and disposal of a number of high profile shopping centres in NI, Scotland and England.

WHO’S WHO AT LISNEY NICKY FINNIESTON DIRECTOR, RETAIL & INVESTMENT AGENCY

- 6-

THE PULSE

ISSUE: 01

MONTH: FEB 16

SIMON SAYS...

End Homelessness

Throughout the year, Lisney’s directors and employees will be taking part in a range of activities to raise funds for what is the firm’s first ever official charity partner.

Northern Ireland’s largest homeless charity, the Simon Community NI, provides housing for the homeless and advice for those at risk of becoming homeless in Northern Ireland.

The charity aims to facilitate those in need throughout the transition back into independent living.

A GROWING PROBLEM

The number of households presenting as homeless in Northern Ireland in 2014/2015 reached over 19,500, with reasons including domestic violence, breakdown in family arrangements and financial stresses.

This figure highlights the severity of the homelessness problem across Northern Ireland, presenting a very worthwhile cause for the commercial property agents to champion.

The money raised by Lisney will assist the charity in providing vital resources

for those in need. Of particular interest to the company is the Simon Community’s 24 hour helpline, a service privately funded by the charity through donations which offers invaluable advice to callers.

EXCITING TIMES

Brian Shanks, Fundraising Coordinator for the Simon Community NI, said: “We are very excited about our new partnership with Lisney. It ‘s great to see businesses giving back to the community and Lisney is setting a great example to others. It is also a wonderful opportunity for us to expand our outreach to local people in need.

“In a way, our jobs are very similar in that we both find property for our customers.

In our case, it’s putting a roof over someone’s head, and in Lisney’s case it’s finding suitable premises from which companies can operate, so there is a sense of shared purpose and synergy there.

“The great struggle surrounding homelessness is the lack of human interaction and alienation people can experience when they

Brian Shanks, Fundraising Co-Ordinator at Simon Community talks to Lisney Northern Ireland MD Declan Flynn. are invisible to those around them. This partnership is another step in the right direction to increase awareness of the severity and realness of the situation, and thus making those in need more visible to more people.”

THERE BUT FOR THE GRACE...

Declan Flynn, Managing Director of Lisney, said: “I have always been struck by the generosity of our staff when we’ve been involved

in various fundraising events for charities in the past so it felt like a natural step for us to select an official charity partner.

“I have always been struck by the generosity of our staff” “This partnership allows us to focus all our efforts on a local charity that tackles a specific local need.

“We have a close-knit team

here at Lisney and many of us will be taking part in events, such as marathons and sky dives, to raise money for the charity. I’m also keen for our staff to visit locations where the Simon Community is operating to see for themselves the work they do first hand and pledge support where they can.

“We believe that in selecting the Simon Community as our first charity partner we can directly help those most vulnerable in our society in a number of ways and are looking forward to the challenge.

“It is all too easy to take for granted the comfort and security of a stable home, but the transition between having a permanent residence and not having one at all can happen incredibly fast.

“The expression ‘There, but for the grace of God, go I’, came to mind when I first spoke to Brian and learned more about the services Simon provides. With this partnership we hope to support the Simon Community in aiding those victim to a plight that, at the moment, doesn’t always garner the attention it deserves.”

- 7-

THE PULSE

ISSUE: 01

MONTH: FEB 16

HIGH FLYER STEVIE DOESN'T WONDER

Lisney works on behalf of many of Northern Ireland’s most significant investors and developers as well as major retailers and businesses. The firm specialises in office, retail, leisure and industrial property acquisition, disposal and investment. Stephen Chambers is Associate Director of Investment and Property Finance.

What qualifications do you have?

What was your first job?

As one of Northern Ireland’s leading commercial property agents, we represent a wide cross section of the business community including investors, developers and retailers therefore it is paramount that we are offering the very best guidance and advice. I believe that my success in this industry stems from my ability to deliver sound advice to my clients.

I undertook my university placement in Lisney and was then offered a graduate role within Lisney’s Retail department in 2008.

I returned to Lisney as Associate Director last year, after gaining experience in corporate banking in the Bank of Ireland’s Specialist Property Group.

I hold a BSc Hons in Property, Investment and Development from the University of Ulster and am a member of the Royal Institute of Chartered Surveyors (MRICS).

What do you attribute your success to?

At Lisney, we function as a close-knit team, and I am blessed to have talented and dedicated people around me. I think our strength lies in how well we work together, and this has now firmly positioned us as an industry leader.

I’m very proud to have been involved in compiling Lisney’s fifth annual Northern Ireland Commercial Property Report, the most comprehensive and longestablished study of the market and the wider economy.

The Report is eagerly awaited both locally and further afield and having looked forward to receiving it in recent years, it was great to be involved this year both at the research stage, which is all done on foot on the actual streets of Northern Ireland making

WE’RE HIRING. LISNEY NORTHERN IRELAND ARE CURRENTLY LOOKING FOR AN EXPERIENCED RETAIL AGENT TO JOIN OUR RAPIDLY GROWING RETAIL TEAM.

www.lisney.com/about-us/careers

it one of the most accurate and credible barometers of the market, and in writing the subsequent commentary.

The results were impressive, particularly in the investment sector, where transaction levels hit £450 million, massively exceeding expectations. This year, Lisney’s own investment

I’m very proud to have been involved in compiling Lisney’s fifth annual Northern Ireland Commercial Property Report, the most comprehensive and long-established study of the market and the wider economy. transaction figures reached £150 million, contributing over a third to the overall total.

How would you describe yourself to someone who’d never met you?

I am a very socialable person but I am also hugely determined and would describe myself as quite astute. These are traits which have served me well in this industry.

Who do you look up to in business?

I have huge respect for Lisney Belfast’s current and former Directors of Investment and Retail, Nicky Finneston and Andrew Marsden. I have worked closely with both

since I joined the company back in 2008 and attribute much of my success to what they have taught me, namely, the ability to develop and maintain strong relationships with clients.

If you could change one thing about the property profession in Northern Ireland, what would it be?

Political uncertainty has been hugely detrimental to the Northern Ireland property market and continues to have a negative effect, although the reduction in corporation tax in 2018 will open doors and encourage further investment from the international market.

Over the years, the industry has become more corporate, with a noticeable increase in fund and institutional clients who have extensive demands in terms of service, presentation, reporting and advice. I feel that more creative solutions are needed to resolve real estate issues in a liquidity constrained market.

What’s your greatest passion outside work and family?

As a member of Belvoir Park golf club, I spend a lot of my spare time on the golf course. Aside from golf, I am a big Manchester United fan and have a passion for cars.

- 8-

THE PULSE

ISSUE: 01

MONTH: FEB 16

£1M INVESTMENT IN LANDMARK BELFAST OFFICE LETTING FOR LOCAL ANIMATION STUDIO Lisney secures the letting of historic city centre premises to Sixteen South EMMY® nominated and BAFTA-winning children’s television production company Sixteen South has invested £1 million in relocating to new, larger premises in Belfast.

“It marks the beginning of a new chapter in our company’s growth” Colin Williams, Creative Director and Founder of Sixteen South

Lisney has secured the letting of the 7,500 sq ft building at 46 Bedford Street to Sixteen South on behalf of a private client. The company is set to move into its new studios in February.

The move from its existing city centre location at Linenhall Street represents a major commitment to the Northern Irish creative industry by the awardwinning business, which plans to triple its workforce within the next number of months as new shows are launched.

Colin Williams, Creative Director and Founder of Sixteen South, said: “We are hugely excited about relocating to our new studio in Bedford Street. It marks the beginning of a new chapter in our company’s growth and of our commitment to Belfast.

“All aspects of our childrens television shows are made in-house, from preproduction to post-production and every stage in between.

“We had reached capacity at our current studio and needed about three times more space to facilitate our operations, which are continually expanding.

“We leased our very first studio space

Colin Williams, Creative Director and Founder of Sixteen South with David McNellis, Director, Agency at Lisney from Lisney at 16 Donegal Square South – which became the inspiration for the name of our company so there is a nice bit of symmetry to the story.

“Our new studio in Bedford Street is an important building with lots of history. It originally housed a busy linen manufacturer in 1884 – an industry that Belfast was world-renowned in for the quality of its work. It’s apt that the same building is home now

to one of the new industries, which I hope will benefit the city in the same way” David McNellis, Director at Lisney Belfast, commented: “It was a real privilege to assist Sixteen South on its relocation to Bedford Street and help facilitate the company’s expansion.

“The building is steeped in Belfast’s

history while also in fantastic condition and has a really contemporary feel – perfect for such a vibrant and fast-growing company.

“As Sixteen South produces all content in-house, the premises had to be able to cater for their varied requirements, which included a range of recording studios and office space with room to seat around 90 people.”

RIGHT PLAICE. RIGHT TIME. WE KNOW THE BEST OF BELFAST

Your Property. Our Business.

- 9-

THE PULSE

ISSUE: 01

MONTH: FEB 16

Big Building, Big Changes.

The Belfast city centre Obel property complex is set to receive a £2m investment from its owners, leading commercial property agent Lisney has today announced.

The cash injection will involve a major upgrade of Ireland’s tallest building. Significant refurbishment works are set to be carried out to the common areas throughout the building.

LISNEY ANNOUNCES

£2m Obel Investment

As the appointed asset manager for the project, Lisney will oversee the programme of enhancement works which will lead to a limited number of apartments in the Donegall Quay development coming to market upon completion.

The commercial property agent is currently engaging with a range of local suppliers and contractors, with work already underway and expected to be completed before the end of 2016.

Declan Flynn, Managing Director of Lisney Northern Ireland, commented: “This multi-million pound investment not only represents the most positive development in the local property market for many years, but also provides a major boost to the Northern Ireland economy.

“The Obel building helped reshape the Belfast skyline when it was first launched and the forthcoming refurbishment works will help the complex fulfil its full potential, becoming the pinnacle of city centre living for Belfast’s young professionals.

“As the appointed asset manager for the project, we are already seeing very clear signs of the appetite which exists for homes at what is set to become one of the city’s most iconic buildings.

“Private tenant occupancy rates in Obel Tower have risen from 50% to 95% since we were appointed last year and we expect demand to

escalate ahead of the refurbishments.”

The Obel is a 27-storey comple comprising of over 200 luxury apartments and 52,462 sq ft of grade A office accommodation, which is home to international law firm Allen & Overy and the Mount Charlesoperated eaterie, Fed and Watered.

The Obel was first launched onto the market in 2005 when dozens of apartments were sold off-plan. Construction commenced in 2006 and was completed in 2011.

Ciaran O’Kane, Director of Property Management at Lisney, added: “Lisney is delighted to be asset managing this milestone investment project which will provide a real vote of confidence and shot-in-the-arm for the local property sector.

“There’s no doubt the works which are set to take place will ensure the building will be of the highest possible specification.

“The finish will equal that of any luxury apartment development across Europe and be a fitting home for young professionals from all sectors.”

Declan Flynn, Managing Director with Ciaron O’Kane, Director, Management, at Lisney

TOUCH THE SKY AT 85 Metres the obel tower dominates the belfast skyline, but how does it compare to some of the planets megA-SKYSCRAPERS?

- 10-

THE PULSE

ISSUE: 01

MONTH: FEB 16

HISTORIC HILDEN CALL FOR FINAL BIDS ON 24 ACRE SITE As we go to press Lisney are calling for final bids on the historic Hilden Mill site at Hilden, Lisburn.

Lisney was instructed in late 2015 to place the historic Hilden Mill on the market - and has had significant interest from across the UK in one of Northern Ireland’s most significant mixed-use development sites.

Lisney has been appointed as joint selling agent, along with London-based Allsop, for the 24-acre brownfield site located just outside Lisburn.

Offers in excess of £1.5 million have been invited.

Comprising a range of historical buildings, woodland, grassland and vacant hard standing, the development was home to the hugely successful Barbour Threads Mill, which was in operation since 1823 until it closed in 2006.

There have been a number of propoals for the site, with planning approval previously granted for a redevelopment scheme involving up to 600 homes which wasn’t progressed.

David McNellis, Director of the Agency Department at Belfastbased Lisney, said: “Hilden Mill is an iconic local landmark with the

“It’s not very often a site of this size and scale comes to the market and we are expecting major interest from throughout Britain and Ireland.

“Barbour Threads Mill was the envy of the world due to the success of its linen and thread industry – now the last remnants of that history offer a unique development opportunity.”

potential to become one of the biggest mixed-use development projects in Northern Ireland.

“Steeped in tradition, the 24-acre site will provide developers

Hilden Mill is an iconic local landmark with the potential to become one of the biggest mixed-use development projects in Northern Ireland

with the opportunity to build on history and transform the old buildings, woodland and grassland into a range of commercial premises alongside private and social housing.

Hilden Mill is located in the village of Hilden, just outside Lisburn, with the development land sloping towards the River Lagan. The entire property is currently vacant.

Build on History John Barbour moved from Scotland to Co. Down, Ireland in 1784 to establish a linen- thread making business at the Plantation, Lisburn.

A FIRST ON THE LAGAN The Barbour’s Mill was transferred to the Hilden site after John Barbour’s death in 1823 by his son William. It became one of the first water powered mills on the river Lagan. The site was formally a derelict linen bleach green and building. It was also close to where William had the Hilden House built in 1824.

A GLOBAL INDUSTRY By the end of the 19th century, William Barbour’s mill at Hilden was considered the largest linen-thread manufacturer in the world.

In 1898 the Irish, Scottish and American Barbour companies were merged into the Linen Thread Co, Ltd. When war broke out in 1914, around 2000 people were employed at the Hilden Mill and with their help the mill produced linen thread that was used to stitch war-time parachutes, uniforms, boots and knapsacks.

The company built a model village for its workforce in Hilden, which consisted of 350 houses, two schools, a community hall, children’s playground and village sports ground.

The mill closed in February 2006. This marked the end of an era in linen production at Hilden Mill.

Hilden Mill was once a thriving community employing a staggering 2,000 people

- 11-

LISNEY LIVES

THE PULSE

ISSUE: 01

MONTH: FEB 16

HOW LYNN BECAME... .. . A CHARTE RE D SURVE YOR

LISNEY LIVE-WIRE LYNN TAYLOR GIVES US THE INSIDE TRACK ON HOW SHE ENDED UP ON HER CHOSEN CAREER PATH.

What was your favourite subject at school?

Geography - I loved the subject and had great teachers.

Did you go on to further/higher education, if so what did you study and where?

Yes, I went to Northumbria University in Newcastle upon Tyne from 2008 – 2012.

Job Title: Chartered Surveyor, Vice Chair of Matrics Northern Ireland

Give a brief outline of your career to date.

I attended Ballyclare High School and left with an A and 2 B’s in my A-Levels. I went straight to Northumbria University in Newcastle upon Tyne to study Estate Management BSc (Hons), I did a placement in Bradley Hall Chartered Surveyors in Newcastle upon Tyne in my third year of University, then returned to university for final year. I graduated with First Class Honours in July 2014 and had just started in Campbell Cairns in Belfast the month before. I moved to Lisney in March 2015 and I currently work in the Property Management Department and Fixed Charge Receivership Department.

I studied Estate Management BSc (Hons) which included a placement year in industry during my third year.

How did you get into your area of work?

It was by chance, we had a work experience week in Lower 6th of school, I wanted to do Midwifery but couldn’t get a spot. I then wanted to do Hotel Management but could only get 3 days placement. A local surveyor said I could come out with her to fill the last couple of days.

Work experience week came, I did the first three days in a hotel and absolutely hated it. I spent the other two days with the surveyor and loved everything about it!

I’m now in the Management Department & Fixed Charge Receivership Department in Lisney.

I moved from an agency job in my last company into a management

NEXT TIME GORGEOUS GEORGE NEXT TIME WE’LL BE PUTTING GEORGE LAING, LISNEY resident joker, accounts impresario and IT GURU under the Career Microscope with more interesting insights into tHE lives at Lisney

role in Lisney. The Receivership work entails both agency and management, I’m doing a bit of everything at the minute so it’s enjoyable and I’m learning at the same time.

Is this what you always wanted to do?

No… as shown above, I wanted to do Midwifery or Hotel Management.

Surveying had never crossed my mind and I knew nothing about it before the work experience. This is why the RICS and their promotion of the profession is so important, we need to make schools aware of the profession. I’m part of RICS and Matrics Young Surveyors and we visit schools and careers events to educate pupils and teachers of what surveying is, we need more young people joining the profession.

Were there any particular essential qualifications or experience needed?

Not necessarily. I went down the university route with a specific accredited degree then started off in a relevant graduate job, however if you are already in a property related job you could go down that route.

What are the main personal skills your job requires?

Being polite, thorough, gregarious, patient, persistent, sociable, organised, to be able to give as good as you get and finally, be able to hold your own in negotiations.

What does a typical day entail?

Get up, travel to work from Ballyclare (sit in traffic for an hour), get into work. Go through and respond to emails. Have breakfast.

Go out on a couple of inspections or viewings, at the minute quite a few of my assets are in Mid-Ulster so I could be out of the office for half of the day. Get back to the office, catch up on emails and voicemails and work through whatever I’m currently dealing with.

What are the best and most challenging aspects of the job?

Best – Working in a job that you love. No day is the same, this job covers so many areas that I get to do a bit of everything. Getting out and about throughout the day so I’m not stuck at my desk all day every day. The satisfaction when a deal is agreed and when a letting or sale completes. The variation of properties, land and sites I deal with. When a really interesting property comes along, like my current Lakeview House in Lurgan.

Most challenging – Dealing with issues that aren’t easy to resolve and seem to take up most of my time. Dealing with difficult people.

Going into scary derelict properties.

Serving notice on tenants.

Why is what you do important?

Everyone has an involvement with property – it could be investing in a commercial property, renting, buying or building a house, working in any sort of building, buying land, etc. At some point everyone will need a surveyor or property professional to advise on property or land. It’s a profession that has its ups and downs but it’s an industry that will never die out.

What advice would you give anyone looking to follow a similar career path?

It’s the best move you’ll make!

Do an RICS accredited degree at university, whilst at university join Matrics to get yourself known by surveyors in industry as it will help with getting a job. Start applying for placement jobs and graduate jobs early. Get a job at a good company then do your Assessment of Professional Competence to become Chartered.

If you could go back, what is the one piece of advice you would give to yourself on your first day?

Calm down, stop stressing out about it being your first day and if people will like you or not!

PULSE PULSE IS PRODUCED BY LISNEY, NORTHERN IRELAND AND ALL ARTICLES, IMAGES AND COMMENT ARE COPYRIGHT LISNEY 2016