Changed town is in a good place - expert

Changed town is in a good place - expert

22 March 2017

A LEADING property expert has claimed Downpatrick is a “changed town” with renewed opportunities for private sector investment.

Darren Fitzsimons, head of valuation with the leading commercial property agency, Lambert Smith Hampton, believes £150m of public sector spending in the town since 2009 has created the conditions for renewed opportunities for private sector investment.

Mr Fitzsimons said the economic downturn was not kind to Downpatrick and he witnessed at first hand the deterioration of the night time economy, the stalling of residential developments and the closure of small businesses. He believes that while all towns across the Province suffered the effects of the economic downturn, Downpatrick suffered more than most.

However, he believes that whether by accident or design the foundations for a robust recovery were laid during the depths of the downturn.

Mr Fitzsimons, who lives in Downpatrick, said it is estimated between November 2009 and 2014, £150m of public sector investment was spent on the key social components of health, education, art and leisure and Downpatrick’s town centre environment. He said this investment serves the community and enhances the quality, image and desirability of the town as well as its commercial value, helping create a place where people want to live, work and play.

Mr Fitzsimons referred to major investment in the new Downe Hospital and at the Downshire Civic Centre where a number of organisations are based, including Newry, Mourne and Down Council, the Housing Executive, PSNI, Fire and Rescue Service and Department of Agriculture’s Fisheries Division.

He points to the new Ballymote Sports and Well-Being Centre and construction work on the new Down Leisure Centre, multi-million pound investments in a new South Eastern Regional College campus, an ultra-modern base for St Patrick’s Grammar School, plans for a new £20m Down High School and a near £3.5m investment at Rathkeltair House with work here due to start next year.

“In response to the significant public sector investment, there has been a renewed shift in private sector confidence in the town, enhancing its competitive advantage over other locations. Retail provision has improved with Specsavers, Costa Coffee, Poundland, Edinburgh Woollen Mill and Domino’s Pizza all opening new stores recently, while Boots has extended its lease for a further three years and Danske Bank have moved to new premises, signing a 10-year year lease,” said Mr Fitzsimons.

“Interestingly, despite all this activity, retail rents in the town are still of a relatively low base therefore offering an affordable proposition for more occupiers and importantly from an investor’s perspective the potential for growth in the future.

“In June last year, one of the town’s largest employers, Finnebrogue Artisan, opened a new £25m processing facility after three years of development, while other private sector investment includes a new £700,000 veterinary hospital in Church Street.”

Mr Fitzsimons said with more employment, a greater sense of confidence and a resultant improved evening economy, the leisure offer in the town has improved immeasurably, arguing the residential market too has picked up pace, with new residential accommodation being provided across the town.

He continued: “Whilst there has been renewed private sector activity in Downpatrick, there are a number of strategically important but under-utilised sites and buildings in the town centre which could provide further opportunities.  

“Viable end uses of these sites include hotels, nursing homes, residential and retail. It is widely acknowledged that opportunity exists for a new town centre hotel but because of a lack of good quality accommodation, visitors typically leave in the evening and return to Belfast for the night.  A recent local authority study highlighted the need for a new hotel with work underway to identify suitable sites.

“There are existing opportunities in the town centre which would be ideal locations for boutique hotels and restaurants including the former PSNI station in Irish Street and the prominent former Danske Bank building on the corner of Market Street and St Patrick’s Avenue,” suggested Mr Fitzsimons.

The letting agent believes the former Downe Hospital site offers an excellent opportunity to develop a new town centre private nursing home, suggesting there is currently a lack of care home facilities in the town.