Belfast-based Alterity Investments has purchasing the Northern Ireland capital’s former BHS store on Castle Lane.
The 70,000 sq ft site has been vacant since August 2016 when retailer British Home Stores went into administration.
Alterity has announced plans to refurbish and reconfigure the building, with potential to subdivide the ground floor at Castle Lane into a number of retail units and for the upper floors to be used for a variety of purposes. Subject to planning it also hopes to visually improve the exterior of the building to make it more attractive.
Richard Faloon, commercial director of Alterity Investments, said: “Alterity is a local company and having predominantly invested in property throughout England and Scotland in recent years, we are delighted to be committing to this major investment into Belfast City centre.
“We are confident about the retail sector’s ability to bounce back from the difficulties of the past year and this strategic acquisition adds to the existing holdings the company already has in the Castle Lane and Cornmarket area.”
Terms of the deal between Alterity and previous owners M&G Real Estate were not disclosed.