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BELFAST CITY CENTRE Vacant Units Report – January 2020

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Belfast City Centre Vacant Units Report – January 2020

Compiled by Daniel McCashin*

*c/o Belfast City Centre Management 2nd Floor, Sinclair House 95 – 101 Royal Avenue Belfast BT1 1FE

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Contents

Introduction ...... 3 I. Belfast Vacancy Rate ...... 3 II. National Vacancy Comparative Rates ...... 4 III. Comparative Regional Vacancy Rates ...... 5

Results ...... 6 IV. Total Ground Floor Units ...... 6 V. Shopping Centres ...... 6 VI. BCCM Geographical Area Breakdown ...... 6 VII. Independent Retailers in Shopping Centres ...... 9

Appendix One: BCCM Geographical Boundary...... 10

Appendix Two: Springboard Vacancy Rate – January 2020 ...... 11

Appendix Three: Springboard Regional Town results – January 2020 ...... 12

Appendix Four: BCCM Street Break-down – January 2020 ...... 13

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Introduction

I. Belfast Vacancy Rate

The results of the January 2020 vacant unit survey reported that the ground floor vacancy rate within the BCCM geographical areai has increased by 0.8% to 19.5%ii; this equates to an additional 14 vacant property units within Belfast City Centre.

The graph below outlines the trend over the past three years for Belfast City Centre and indicates the vacancy rate from January 2017 until January 2020 respectively. The vacancy rate during this period has been 16.64% at its lowest (October 2017) to its highest at 19.50% (January 2020).

Belfast Vacancy Rate 20.00% 19.50% 19.38% 19.50% 19.10%

19.00% 18.68% 18.73% 18.70%

18.50% 18.10% 17.97% 18.00% 17.77% 17.73% 17.37% 17.50% 17.06% 17.00% 16.64%

16.50%

16.00%

15.50%

15.00% Jan-17 Apr-17 Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19 Jan-20

Figure One: Graph showing Belfast vacancy rate comparative: Jan 2017 – Jan 2020 (Source: BCCM)

Date Jan-17 Apr- Jul-17 Oct-17 Jan - Apr-18 July- Oct-18 Jan-19 Apr-19 July- Oct- Jan- 17 18 18 19 19 20 Vaca 17.06 17.77 17.37 16.64 17.73 17.97 18.68 18.10 19.38 19.1% 18.73 18.7 19.5 ncy % % % % % % % % % % % %

Figure Two: Table showing Belfast vacancy rate comparative: Jan 17 – Jan 2020 (Source: BCCM)

i Please see Appendix One for Map of BCCM Geographical Area ii Please see Appendix Two for Springboard Vacancy Rate

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II. National Vacancy Comparative Rates

Springboard’s research, published in January 2020, takes hand counted data from across mainland Great Britain and Northern Ireland to provide a benchmark which towns can measure themselves against (Figure Three). As noted in previous BCCM vacant unit reports, Belfast remains both above the UK Benchmark, which is 9.8%, and the Northern Ireland average, which stands at 14.3% from the January 2020 Springboard survey. Belfast in comparison is over by 9.7% when compared with the UK benchmark and similarly is higher than the Northern Ireland average by 5.2%. This is outlined in the graph below:

Belfast, NI and UK vacancy rates 25.00%

20.00%

15.00%

10.00%

5.00%

0.00% Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19 Jan-20

Belfast Northern Ireland UK

Figure Three: Graph showing Historical comparative data for Belfast, NI and the UK 2017 - 2020 (Source: Springboard)

The table below identifies the quarterly vacancy rates for Belfast, Northern Ireland and the UK from July 2017 to January 2020: Region / Jul-17 Oct-17 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Jul-19 Oct-19 Jan-20 Date Belfast 17.37% 16.64% 17.73% 18.00% 18.70% 18.10% 19.40% 19.10% 18.70% 18.70% 19.5% Northern 14.30% 15.20% 14.30% 14.20% 14.40% 13.60% 14.00% 14.90% 14.10% 14.30% 14.30% Ireland UK 9.60% 9.30% 8.90% 9.20% 9.90% 10.10% 10.40% 10.40% 10.30% 10.00% 9.80% Figure Four: Table showing Belfast (Data collected by BCCM), Northern Ireland and UK (Data collected by Springboard) comparative vacancy data July 17 – Jan 2020 (Source: Springboard)

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III. Comparative Regional Vacancy Rates

In comparison to other Northern Irish regional towns, Belfast has the highest ground floor vacant unit rateiii. For example, towns such as Antrim, Dungannon, Ballymena, Cookstown, Coalisland, Londonderry, Magherafelt and Maghera recorded a lower unit vacancy rate than Belfast City Centre. However, Dungannon, Coalisland and Antrim are all above the Northern Ireland benchmark average of 14.3% and only Coleraine, Maghera and Magherafelt are below the UK average of 9.8%. This is outlined in the graph below:

Comparative Regional Towns 25.00% Belfast 19.50% 20.00% Antrim 17.10% 16.00% Coalisland 14.70% 14.30% 15.00% 14.20% Dungannon 11.80% 11.30% Northern Ireland 9.80% 9.00% 10.00% 8.60% 8.10% Cookstown Londonderry 5.00% Ballymena UK 0.00% Coleraine Maghera Magherafelt

Figure Five: Bar chart showing Belfast vacancy levels compared with other regional towns (Source: Springboard)

iii Please see Appendix Three for Springboard Regional Town results

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Results

IV. Total Ground Floor Units

Overall there are 1,185 ground floor units identified within BCCM’s geographical areaiv. A total of 235 vacant units were recorded in January 2020 within Belfast City Centre. This is an increase of 14 vacant units when compared with the previous survey, October 2019, were only 221 vacant units were recorded. This equates to a 0.8% increase in unit vacancy for this quarter.

V. Shopping Centres

As per previous reports the figures relating to shopping centres in Belfast City Centre were collected during the survey. They are as follows:  CastleCourt’s Vacancy has decreased by 2 units while it has also added two new units to its premises by splitting a former large unit into 3 separate units.  Great Northern Mall’s vacancy rate has increased by 2 units.  Victoria Square’s vacancy rate has stayed the same since the last audit in October. Name of Centre Number of Vacancy (%) Number of Independent Vacant Units Shop Units Retailers (%) CastleCourt 14 18.18% 77 20.63% Great Northern Mall 7 38.39% 18 63.64% Victoria Square 13 14.29% 91 7.69% Figure Six: Table showing vacancy rate of Shopping Centres / Malls in Belfast City Centre (Source: BCCM)

VI. BCCM Geographical Area Breakdown

Within the BCCM geographical area the top ten streets with the highest vacancy have been identified, this is outlined in Figure Seven. The ten streets with the most independent retailers (Figure Eight) and the streets with 100% ground floor occupancy (Figure Nine) have also been identified. This is highlighted below:

 Highest Street Vacancy Street Name No. VGFU No. GFU % Vacancy Rate 1. Great Victoria Street 23 62 37.10% 2. North Street (lower) 18 31 58.06% 3. Royal Avenue 13 53 24.53% 4. Castle Street 12 41 29.27% 5. North Street (upper) 11 17 64.71%

iv Please see Appendix Four for BCCM street break-down

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6. Donegall Street (upper) 8 27 29.63% 7. Linenhall Street 7 20 35.00% 8. Donegall Street (lower) 6 28 21.43% 9. Bedford Street 5 24 20.83% 10. Chichester Street 5 22 22.73% Figure Seven: Table showing top ten streets with highest unit vacancy in Belfast City Centre January 2020 (Source: BCCM)

 Independent Retailers by Quantity and Location

Dublin Road, Smithfield Market and Royal Avenue have the most independent retailers within the BCCM geographical area with 25 independent retailers each. Smithfield is a permanent indoor market which contains a range of shops and cafés. It is included in this section of the report as, significantly, it is 100% occupied by independent businesses.

A total of 532 (56%) of ground-floor businesses within the BCCM geographical area are independently owned. This is a decrease of 6 businesses since the October 2019 report.

Figure Eight below shows the city centre locations with the highest number of independent retailers: Street Name No of Independent % of Independents Retailers 1. Dublin Road 25 71.43% 2. Royal Avenue 25 62.50% 3. Smithfield Market 25 100% 4. Castle Street 22 29.27% 5. Church Lane 20 90.91% 6. Great Vitoria Street 23 51.28% 7. Queen Street 20 86.96% 8. Donegall Street (lower) 18 81.82% 9. Donegall Street (upper) 16 84.21% 10. High Street 14 48.28% Figure Eight: Table showing top 10 locations with highest number of Independent retailers (Source: BCCM)

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 100% Occupancy

The survey also identifies which streets have no vacant ground floor units (VGFU). A total of 28 streets within the BCCM geographical area are fully occupied. The total number of streets within this area is 82, this means that of streets have 100% occupancy of their ground floor units within Belfast City Centre. This is an increase of 1 street from the previous October 2019 survey where only 27 streets had 100% ground floor unit occupancy. This is outlined in the table below: Street Name 100% Occupancy GFU Amelia Street Y Arthur Street Y Bank Street Y Bankmore Square Y Berry Street Y Callender Street Y Chapel Lane Y Church Street Y Clarence Street West Y Crown Entry Y Donegall Square North Y Downshire Place Y Fisherwick Place Y Fountain Lane Y Francis Street Y Harmony Street Y Howard Street Y Joys Entry Y Keylands Place Y Library Street Y Linenhall Street West Y Little Victoria Street Y Lower Garfield Street Y Pattersons Place Y Skipper Street Y Union Street Y Wilsons Court Y Winecellar Entry Y Figure Nine: Table showing streets with no vacant ground floor units (Source: BCCM)

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VII. Independent Retailers in Shopping Centres

As per previous reports the percentage and number of independently owned businesses within shopping centres has also been collected. Since the October 2019 survey there has been a slight increase in independent retailers within Shopping Centres within Belfast City Centre. CastleCourt have increased their independent unit figure by 1 unit and Victoria Square have increased their independent unit figure by 2. However, Great Northern Mall have decreased their independent unit figure by 1. This is outlined in the table below:

Number of Independents % Independents CastleCourt 13 20.63% Great Northern Mall 7 63.64% Victoria Square 6 7.69% Figure Ten: Table showing number of Independents in Shopping Centres (Source: BCCM)

Independents in Shopping Centres 70.00% 63.64%

60.00%

50.00%

40.00%

30.00% 20.63% 20.00%

10.00% 7.69%

0.00% % Independents

CastleCourt Great Northern Mall Victoria Square

Figure Eleven: Graph showing percentage of Independents in Belfast shopping centres

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Appendix One: BCCM Geographical Boundary

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Appendix Two: Springboard Vacancy Rate – January 2020

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Appendix Three: Springboard Regional Town results – January 2020

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Appendix Four: BCCM Street Break-down – January 2020

BCCM GEOGRAPHICAL AREA GFU: Ground floor units VGFU: Vacant ground floor units IND: Independents No. No. IND. % % IND. GFU VGFU VACANT

Amelia Street 6 0 2 0.00% 33.33% Ann Street 29 2 9 6.90% 33.33% Arthur Square 5 1 0 20.00% 0.00% Arthur Street 16 3 1 18.75% 7.69% Bank Street 2 0 2 0.00% 100.00% Bankmore Square 2 0 2 0.00% 100.00% Bedford Street 24 5 8 20.83% 42.11% Berry Street 8 0 7 0.00% 87.50% Bridge Street 12 1 8 8.33% 72.73% Bruce Street 4 1 1 25.00% 33.33% Brunswick Street 7 2 4 28.57% 80.00% Callender Street 7 0 5 0.00% 71.43% Castle Lane 16 1 2 6.25% 13.33% Castle Place 10 2 1 20.00% 12.50% Castle Street 41 12 22 29.27% 75.86% CastleCourt 77 14 13 18.18% 20.63% Chapel Lane 7 0 7 0.00% 100.00% Chichester Street 22 5 11 22.73% 64.71% Church Lane 23 1 20 4.35% 90.91% Church Street 6 0 5 0.00% 83.33% Clarence Street 5 0 5 0.00% 100.00% Clarence Street West 3 0 0 0.00% 0.00% College Court 3 1 2 33.33% 100.00% College Square East 5 1 3 20.00% 75.00% College Street 18 3 11 16.67% 73.33% Cornmarket 10 1 2 10.00% 22.22% Crown Entry 1 0 0 0.00% 0.00% Donegall Place 34 6 1 17.65% 3.57% Donegall Street (lower) 28 6 18 21.43% 81.82% Donegall Street (upper) 27 8 16 29.63% 84.21% Donegall Square East 10 4 5 40.00% 83.33% Donegall Square North 9 0 4 0.00% 44.44% Donegall Square South 7 3 2 42.86% 50.00% Donegall Square West 8 1 2 12.50% 28.57% Downshire Place 2 0 0 0.00% 0.00% Dublin Road 39 4 25 26.32% 71.43% Fisherwick Place 1 0 0 0.00% 0.00% Fountain Lane 1 0 1 0.00% 100.00% Francis Street 1 0 1 0.00% 100.00% Fountain Street 20 3 10 15.00% 58.82% Franklin Street 3 1 1 33.33% 50.00% Great Northern Mall 18 7 7 38.89% 63.64% Great Victoria Street 62 23 20 37.10% 51.28%

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Gresham Street 15 5 9 33.33% 90.00% Harmony Street 1 0 1 0.00% 100.00% High Street 33 4 14 12.12% 48.28% Howard Street 16 0 13 0.00% 81.25% James Street South 7 2 5 28.57% 100.00% Joys Entry 2 0 2 0.00% 100.00% Keylands Place 1 0 1 0.00% 100.00% King Street 15 2 8 13.33% 61.54% Library Street 1 0 1 0.00% 100.00% Linenhall Street 20 7 8 35.00% 61.54% Linenhall Street West 1 0 1 0.00% 100.00% Little Donegall Street 3 1 1 33.33% 50.00% Little Victoria Street 3 0 3 0.00% 100.00% Lombard Street 9 2 5 22.22% 71.43% Lower Garfield Street 3 0 0 0.00% 0.00% North Street (lower) 31 18 6 58.06% 46.15% North Street (upper) 17 11 6 64.71% 100.00% Pattersons Place 1 0 1 0.00% 100.00% Pottingers Entry 9 2 7 22.22% 100.00% Queen Street 25 2 20 8.00% 86.96% Queen's Arcade 12 2 10 16.67% 100.00% Rosemary Street 21 4 8 19.05% 47.06% Royal Avenue 53 13 25 24.53% 62.50% Shaftesbury Square 15 4 7 26.67% 63.64% Skipper Street 3 0 3 0.00% 100.00% Smithfield Market 27 2 25 7.41% 100.00% Smithfield Square 4 1 3 25.00% 100.00% North Union Street 12 0 11 0.00% 91.67% Upper Arthur Street 15 3 11 20.00% 91.67% Upper Church Lane 3 1 2 33.33% 100.00% Upper Queen Street 10 2 6 20.00% 75.00% Victoria Square 91 13 6 14.29% 7.69% Waring Street 13 3 8 23.08% 80.00% Wellington Place 27 5 12 18.52% 54.55% Wellington Street 7 1 5 14.29% 83.33% William Street South 4 1 0 25.00% 0.00% Wilsons Court 3 0 2 0.00% 66.67% Winecellar Entry 2 0 2 0.00% 100.00% Winetavern Street 11 2 8 18.18% 88.89% Total Total Total Av Total Av Total 1185 235 532 15.38% 65.54% 19.83% 56.00%