Planning permission has been approved for a proposed retail and leisure development in Belfast city centre. The site, known as The Keep, is being developed by Alterity Investments.
The 70,000 sq ft site of the former British Home Stores building on Castle Lane will be refurbished as part of a multimillion pound investment into the city centre. When the building was acquired in early 2021, it had been sitting empty for almost five years after retailer BHS went into administration in 2016.
Alterity's plans include a significant reconfiguration of the ground floor space into a number of retail units and a partial change of use on upper floors to allow for leisure uses. Permission has been granted to alter the existing facade on Castle Lane, Castle Arcade and Cornmarket, as well as changes to internal staircases and walls.
Read more: Belfast city centre hotel announces reopening date after fire
The company said that it intends to begin work on the building soon after the summer and expects to complete the construction phase within 12 months.
Richard Faloon, Commercial Director of Alterity Investments, said : “Alterity is a local company and having invested in property throughout England and Scotland in recent years, we are delighted to see this major investment into Belfast City centre granted planning permission to proceed.
“The project represents a substantial investment in the city centre and we believe that as well as regenerating the site, it will also help revitalise the surrounding area and benefit the existing holdings the company already has in the Castle Lane and Cornmarket area.
Frazer Kidd is commercial agent for the property, which comprises three upper floors and a ground floor that opens onto Castle Lane, Castle Arcade and Cornmarket.
Brian Kidd, from Frazer Kidd, said: “It is really positive for Belfast that planners have approved Alterity’s plans for the Keep building. Alterity is an investor with a proven track record and it is a vote of confidence in the city that they have committed to bringing this landmark building back into use in a way that meets the needs of modern retailers and leisure operators.
“We have seen really strong interest from international occupiers in the retail and leisure sectors in this prime location between Belfast’s Cathedral Quarter and City Centre core, and we hope to be in the position to confirm details of some of those occupiers in the coming months.”
Alterity Investments was formed in 1975 and is a family-owned property and investment company. Operating throughout the UK, it has assets in excess of £100m spread across various sectors and owns several other buildings in central Belfast, including other retail sites on Castle Lane.
Its properties are situated in prime locations across the UK, with its client portfolio including companies such as Joules, Waterstones, Lloyds Bank, Starbucks, Costa, Greggs and Cotswold.
READ NEXT:
-
Belfast's cultural diversity celebrated at city centre event
-
"Dangerous" George Best hotel cordoned off after masonry falls onto street below
-
Belfast restaurant has front door smashed with drain grate in overnight incident
For all the latest news, visit the Belfast Live homepage here. To sign up to our FREE newsletters, see here.
