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M A R K E T I N F O R M AT I O N F R O M L I S N E Y
INSIDE THIS ISSUE... Retail team expands portfolio New tenants for revitalised Richmond Centre Lisney selling world class equestrian centre Royal Hotel, Bangor on the market 11 acre former Nestle site brought to market Major property group opts for Lisney Time to rebalance rates Substantial cost-savings secured by Lisneyâ€™s Rating Team New premises for leading charity New home for John Minnis estate agency Significant growth in Fixed Charge Receiver services Lisney moves offices
1ST F L OOR , M ONTGOM ERY HOUSE, 29-33 M ON TGOM ERY STREET, BELFA ST B T1 4N X. T: 028 9050 1501 E: PR OPER TY@ L ISN EY-B EL FAST.COM W: L ISN EY.COM
MARKET OVERVIEW B Y D E C L A N F LY N N , M A N A G I N G D I R E C T O R
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The Northern Ireland economy has experienced a number of recent setbacks, not least the negative publicity and disruption resulting from the flag protests, but also the recent demise of one of our largest building groups and continuing closures on our high streets. Despite the challenges that we face, we
have not seen a glut of receivership property being placed on the market, even though the volumes are considerably up from previous years. Similarly the threat that NAMA would flood the market with property has not materialised. Against this backdrop, Lisney has seen the volume of Agency transactions increase on last year, and selected demand for well-let investments and for quality residential sites. There will undoubtedly be continuing challenges for businesses this year, and a continued focus on cost reduction. With the impending Non-Domestic Rates Revaluation being a hot topic, our rating team is very well placed to help ensure that businesses are
not paying more than they have to. Bank lending to the property sector is particularly challenging at the moment and until this issue is dealt with, it is unlikely that we will see a return to a normal market. However we are seeing signs that the main banks are getting to grips with the size of the problem and the recent raft of loan sales can only help bring some liquidity. The outlook for the remainder of the year is for more of the same, tempered with cautious optimism that transaction volumes will increase again. Declan can be contacted on 028 9050 1501 or at firstname.lastname@example.org
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INVESTMENT MARKET ANALYSIS BY ANDREW MARSDEN
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The commercial property market in Northern Ireland, like other regions of the UK and Ireland, has suffered considerable downturn due to difficulties in the economy and the banking sectors over the past few years. The continued illiquidity, lower occupational demand and investor caution has led to drops in both rental and capital values throughout most types of commercial property, but more particularly in relation to secondary assets with short income and voids. This has meant that investment transactions remain low compared to GB. In 2011, there was approximately £25million of institutional quality sales in Northern Ireland in a total of four
transactions – three prime retail parks and a prime retail investment in Belfast. In 2012, there were approximately £95 million of institutional quality sales in a total of six transactions, all of which were retail – three food stores, a prime retail warehouse and a prime high street investment in Belfast. In 2012 Lisney contributed to the preparation of the IPD Index for Northern Ireland. For the first time ever, investors will now be able to use the IPD Index when analysing investment property performance in Northern Ireland. The index, which is a favoured tool for institutional investors, will allow the performance of property in Northern Ireland to be benchmarked against
property in GB. The research highlighted the good returns that are available from property in Northern Ireland for investors. Our view for the rest of 2013 is that investment volumes will continue to increase and that retail at the prime end of the spectrum will continue to attract institutional investors paying strong prices. We also believe we will see an increase in the number of opportunity funds and property companies seeking discounted opportunity stock with good asset management opportunities. Andrew can be contacted on 028 9050 1501 or at email@example.com
RETAIL TEAM EXPANDS PORTFOLIO Lisney has recently secured a number of significant appointments for major Northern Ireland shopping centres, further cementing its reputation as a retail agency specialist. The company will act as joint agent for the 175,000 sq ft Tower Centre in Ballymena, which is anchored by Primark, B&M Bargains, Boots and Dunnes. The shopping centre which is located in the heart of Ballymena has a very strong tenant line up and footfall is particularly high at around 100,000 per week. It has also been appointed by McAleer & Rushe as letting agent for its 145,000 sq ft Meadowlane Shopping Centre in Magherafelt, with tenants including Dunnes, New Look and Iceland.
Lisney has also been appointed letting agent for Springhill Retail Park in Bangor which is anchored by an 80,000 sq ft Tesco supermarket with tenants including New Look, Next, Sports Direct and Starbucks. Associate Director, Nicky Finnieston, says: “We have had significant success with schemes such as Richmond Centre and Crescent Link, which has been recognised in the industry. We have already brokered a number of important deals for our new clients and have a number of good deals in the pipeline. We would be keen to look at getting on board with other schemes and believe we can bring a proactive and innovative approach to the letting strategy for any retail scheme
and a proven track record of delivering success.” Nicky can be contacted on 028 9050 1501 or at firstname.lastname@example.org
NEW TENANTS FOR REVITALISED RETAIL MARKET ANALYSIS RICHMOND CENTRE
Lisney are delighted that planning permission has been granted for a supermarket at Crescent Link Retail Park. The application was lodged on the back of a deal being agreed with Asda to bring their first supermarket to the city. With permission being granted in late December, final details are being agreed prior to commencing the development that will bring around 350 new jobs to the area. Lisney’s Nicky Finnieston looks after Crescent Link Retail Park and agreed the deal with Asda. He said: “This new development at Crescent Link will provide some competition in the supermarket sector in
Derry and stop retail spend leakage to Coleraine and Strabane, where Asda have existing stores, so it is a positive for the city. It will also bring a large number of much needed jobs to the area.” “Asda will be a very welcome addition to the tenant line-up, joining DFS who also took a new store here recently. We are currently working on a number of asset management initiatives to bring some new and exciting operators to the hugely successful scheme,” he added. Crescent Link is one of Northern Ireland’s premier retail parks with tenants such as Boots, Marks and Spencer, Next and Toys R Us.
Nicky can be contacted at Lisney on 028 9050 1501 or at email@example.com
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FOODSTORE PLANNING GRANTED AT CRESCENT LINK
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sq ft unit at the Ferryquay entrance on level 3 of the almost fully-let centre, with O’Briens, Nails NI and Card Factory opening new stores on the same level. Game and Shoezone took 2,500 sq ft and 3,000 sq ft respectively on level 2. Retailers such as Internacionale, Semi Chem and Yellow Moon all showed a vote of confidence by extending their leases in the scheme. Associate Director, Nicky Finnieston, says: “This has been another strong year for the Richmond Centre as we have managed to further strengthen the tenant line-up. A combination of high footfall, strong location and a quality tenant mix are proving extremely attractive to acquisitive retailers. We are currently negotiating a number of other deals that will hopefully see the scheme fully let with an exciting tenant lineup in the coming months.”
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The Richmond Centre has further cemented its position as a revitalised and flourishing shopping complex with a string of new tenants negotiated by Lisney. Caffé Nero has opened its first store in the North West at the centre. The 1,600 sq ft unit is at the Linenhall Street entrance with an adjacent al fresco seating area. The store opened in mid March and has proved a huge hit with the people of Derry trading extremely well. In an additional letting, Lifestyle Sports has just opened a new 11,000 sq ft store in the unit previously occupied by JJb, having invested substantial sums in an all-new fitout for the unit. This follows a string of new lettings and re-signings last year, and is a significant vote of confidence in the rejuvenated centre. Outdoor retailer Trespass took a 2,000
The retail sector continues to operate in a very challenging environment, with consumer confidence remaining low. This has lead to a number of high profile administrations in recent months, including the likes of HMV, JJB, Jessops and Republic. The retail vacancy rate here has been increasing as a result, with nearly 1 in 5 shops empty across Northern Ireland, according to Lisney’s last Retail Vacancy Survey. Belfast’s vacancy rates were particularly high, with an alarming 1 in 4 shops empty. This level is unlikely to improve much in the short term, with increasing numbers of retail administrations adding to the availability with low levels of retailer demand. Business rates continue to be a major issue in attracting retailers to prime locations, and where deals can be done, rents continue to be suppressed. Donegall Place, which has some of the highest business rates in the city, had commanded rents of around £270 per square foot ITZA back in 2007, dropping to £130 by 2010. In recent times, there has been evidence of deals on Donegall Place as low as £50 per square foot ITZA. That said, the recent letting to Barretts in March 2013 provides evidence to support a tone of around £140. Despite the challenges, there is some activity in the market, with new store openings, upsizing and relocations. In Belfast recent lettings include Internacionale, as well as Barretts on Donegall Place and Fat Face’s relocation from Fountain Street to Victoria Square. Elsewhere, retailers like Poundworld, Home Bargains, Lifestyle Sports, Sports Direct, Blue Inc and Internacionale have all been active. In the food and drink sector, activity is higher than elsewhere, with Caffé Nero opening new stores in Belfast and Derry, Costa opening in Belfast and Coleraine and Frankie & Benny’s recent openings in Coleraine and Ballymena. Prezzo and Cosmo have opened their first Northern Ireland stores in Victoria Square and Di Maggios are due to open in Castlecourt. The outlook for the rest of 2013 is much of the same, with some retailers with specific requirements for new stores and some churn of relocations, reconfigurations and lease re-gears. We anticipate growth in coffee shop and restaurant openings and continued pressure on rents.
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BY NICKY FINNIESTON, A S S O C I AT E D I R E C T O R
LISNEY SELLING WORLD CLASS EQUESTRIAN CENTRE T E L : 0 2 8 9 0 5 0 1 5 0 1
Lisney has been appointed to sell or let a world-class equestrian centre and associated agricultural lands in Fermanagh. Working for Fermanagh District Council, Lisney is marketing Necarne Estate on the edge of Irvinestown for potential uses that might include a hotel, an equestrian centre, or an outdoor activity centre. Stretching over 228.43 acres, Necarne is a unique historic estate that includes 150
acres of grassland and 30 acres of mature woodland, situated within an internationally renowned lakeland, tourism and leisure destination. The property includes residential accommodation of 16 double/twin ensuite rooms, with lounge, kitchen and bar; an indoor arena with a 300-seat viewing gallery and catering facilities; 80 cut stone stables around an inner and outer courtyard; and
OFFICE MARKET REVIEW
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The occupational office market in central Belfast is reaching an interesting phase in the market cycle because, whilst the general economy remains challenging, there are strong signals coming through that with no new supply coming on stream and steady demand, over time, the opportunities for medium to larger scale acquisitions are now restricted. In our assessment, stated demand exceeds supply, which somewhat perversely presents the distinct possibility of competition for space which could lead to the end of the ‘generous’ deal structures that have prevailed. Demand is currently being driven by a mix of local market
ample parking. The estate also has outdoor and walled garden arenas; a single storey gate lodge and traditional two-storey ‘garden house’ with 4 bedrooms; a laboratory; cross country, steeple chase and point to point courses; and a range of outbuildings and stores. David can be contacted on 028 9050 1501 or at firstname.lastname@example.org
B Y D AV I D M CN E L L I S , D I R E C T O R
churn from existing occupiers and foreign direct investment activity. For the moment, rents remain competitive compared to other cities, including Dublin, Glasgow and Cardiff, but it could be argued that the gap may narrow in the not too distant future. From a broader market perspective however, we do need rental growth to justify the next phase of development. Current headline rents remain in the range £12-14 per sq ft, but once the incentive packages are factored into the calculations this makes it difficult for developers to justify any new development. More fundamentally, the availability of development finance remains restricted, hence development will be at a low level for the foreseeable future with new supply limited to the refurbishment of existing buildings assisted by a tax play in the form of
BPRA (Business Premises Renovation Allowance). In this constrained environment, Government has a role to play by either investing directly in development to produce new stock or indirectly by providing incentives or agreeing to take a pre-letting of a building/s from developers who are itching to get to work. Also, by striving for efficiency throughout the current estate, this could free up stock. In terms of uptake, c. 40,000 sq ft was transacted in the first quarter of 2013, which was less than the same period last year, but pales in comparison to Dublin, which experienced almost 10 times our volume. David can be contacted on 028 9050 1501 or at email@example.com
ROYAL HOTEL, BANGOR ON THE MARKET One of Bangor’s best known landmarks has been placed on the market by Lisney. The Royal Hotel, including the Windsor Bar, currently has ensuite bedrooms over four floors, and is being sold on behalf of a private client. Occupying a prominent corner site overlooking Bangor Marina and Belfast Lough, full Planning Permission was granted in May 2011 to demolish the existing Royal Hotel and its Windsor Bar. The planning permission has been secured for a mixed use redevelopment to create a new 52 bedroom hotel, 33 apartments, viewing terrace, roof top gym and parking. Interested parties should contact David McNellis on 028 9050 1501 or at firstname.lastname@example.org
11 ACRE FORMER NESTLE SITE BROUGHT TO MARKET
Conditions in the industrial warehouse sector remain difficult, with the purchase of warehouse units at a low level. Lettings have been reasonable, albeit it is clearly a tenant’s market as landlords reduce rents to retain tenants and offer attractive deals to new tenants. Capital values for larger warehouses are achieving £10 per sq ft to £30 per sq ft, while new build, smaller units in traditional warehouse locations are achieving £20-£50 per sq ft. Looking ahead to the rest of the year, rentals will remain relatively low, with the majority of sales likely to come through Fixed Charge Receivership, banks and insolvency practitioners. Some sales activity in the sector will be driven by the fact that capital values are now approximately half the cost of building new facilities. We anticipate increased demand to purchase good quality freehold units which may help push up prices from their current low levels. Due to the lack of available funding, there is little development taking place and we do not expect this to change in the near future. Tenants can currently obtain second hand buildings from £2 per sq ft with short, flexible leases and funding for development cannot be obtained on these terms. In this market development does not make sense. For a feasible development, rents in the region of £4.50 - £5 per sq ft are required. As a result of this lack of development, there is a shortage of good quality space, particularly buildings over 50,000 sq ft, resulting in limited options for both inward investment and the potential expansion of local companies. Andrew can be contacted on 028 9050 1501 or at email@example.com
BY ANDREW GAWLEY
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Warehouse and The Meadows Centre. Lisney Associate Director, Andrew Gawley will be the main agent for the instruction. Managing Director, Declan Flynn, commented: “This is a significant vote of confidence in Lisney by one of Northern Ireland’s major property groups. Lisney has been very successful in securing occupiers for a number of significant clients in a difficult market, and PBN has recognised this,” he continues. “We are delighted to be instructed on such an extensive and wide ranging portfolio of assets and look forward to assisting PBN in adding value where possible”.
INDUSTRIAL MARKET ANALYSIS
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One of the largest property groups on the island of Ireland has appointed Lisney as joint letting agent for its Northern Ireland portfolio, comprising approximately 1.5million sq ft. The company will act as joint letting agent for PBN Group which owns a wide range of business and retail space in the greater Belfast area. Lisney will immediately begin letting space at properties including Adelaide House and Adelaide Business Park in the Boucher Road area, Carryduff Shopping Centre and Shore Business Park in Carrickfergus, with units ranging from 1,000 – 80,000 sq ft. Other PBN Group properties that the agency will be acting as joint agent for include Edgewater Business Park, Hawthorn Office Park, Coastal
Interested parties should contact: Andrew Gawley via 028 9050 1501 or firstname.lastname@example.org
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MAJOR PROPERTY GROUP OPTS FOR LISNEY
garages and seven double domestic garages.
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Full planning permission for 108 residential units has been granted, with proposed accommodation incorporating eight two-bedroom apartments, two fourbedroom detached homes, 24 three-bedroom town houses, 74 threebedroom semis and two single domestic
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Lisney is marketing the site of a former Nestle factory near Omagh which has full planning permission for 108 homes. Acting on behalf of the administrative receiver at RSM McClure Watters, Lisney is seeking a buyer for the site at 46 Beltany Road, two miles outside of the County Tyrone town. The site includes the vacant former Nestle factory and has excellent views over the Fairy Water River to the north and Omagh Rugby Club playing fields to the west. It is situated opposite an established residential development known as Beltany Grove, comprising 39 detached residences. The Omagh Showgrounds is also in close proximity.
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PROPERTY MANAGEMENT REVIEW BY CIARAN O’KANE, DIRECTOR
Lisney has been instructed to carry out a property management review on a substantial retail asset on behalf of one of the local banks. This is the first property management review of this size and nature and has been implemented in order to provide the lender with confidence that the correct management systems are in place. It is testament to the quality of the processes in our property management department that the bank has asked Lisney to undertake this review. We have been engaging with the local banks on a number of strategic reviews for large Northern Ireland-based assets in the last 12 months. However this is the first time we have been asked to provide a more in-depth review of the property management systems that are in place. Management portal The management team have recently introduced a number of web-based initiatives to complement the services we already provide. The first is an online asset management tool that provides real time information for property owners, allowing different team members to
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TIME TO REBALANCE RATES B Y N I C K Y W R I G H T, A S S O C I AT E D I R E C T O R
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The Non-Domestic Rating Revaluation won’t take place until April 2015, but it is important to know about it now, as the valuation date is 1 April 2013. The process of Revaluation starts formally with Land and Property Services (LPS) sending out Forms of Return to occupiers and landlords, which are likely to be lengthy and detailed, requiring the recipient to carefully input details relating to their property. From the information gathered, the LPS will carry out market analysis, consultation and produce values. The analysis of the rental information for this Revaluation will be more difficult than ever, as there will be rent-free periods, top-up rents, turnover and reduced rental periods. The Forms of Return and their analysis will be crucial to the Revaluation. Once this is completed, the timetable for the publication of Summary Valuations has been set for October 2014, with the list going live from April 2015. The purpose of a Revaluation is to redistribute the revenue burden - rather than increase the amount of money raised - as The Executive and the councils still need the same amount of money for services. Non Domestic properties provide some £550m in rates revenue and generate almost 60% of all rates revenue. The rates you will pay as an occupier, or perhaps as a landlord with vacant commercial property, will be based on this new rating assessment. The last Revaluation took place in 2003 based on rental values in 2001, and there have of course been major changes in the property market in the intervening period meaning that the rates liability has not been fairly distributed, with properties in areas of relative decline effectively subsidising those in areas of relative growth. It is difficult to be exact on who the winners and losers will be at such an early stage, but sectors that have fared better since the last revaluation, such as supermarkets, will likely see an increase in their rating bills; conversely the town centre retailers may well see some reduction in rates payable. There will of course have to be adjustments to the rate in the pound levels to ensure there is no fall in the rates revenue. As to the levels of reductions or increase, it isn’t possible to determine but in the 2003 revaluation, almost three quarters of business rates bills went up or down by less than 20%. With our experienced rating team, we can provide you with advice in regard to completing the Forms of Return and once the List goes live, in evaluating your rating assessment. Nicky can be contacted via: 028 9050 1501 or email@example.com
connect and collaborate with ongoing asset management initiatives. Our clients will be able to constantly monitor how the assets are performing and keep up-to-date with the ongoing lettings, rent reviews, lease renewals, and debt collection. The second is a resource portal for landlords, tenants and onsite staff at our management properties. This allows tenants to access important data such as H&S policies, fit-out guides, service charge information and asbestos reports amongst other things. Landlords will be able to access management reports and financial data, whilst onsite staff will have a valuable HR centre. The decision to implement this system, whilst improving communication between Lisney, landlords, tenants and onsite staff, it is also part of a conscious effort to reduce the amount of paper output from the office and reduce our carbon footprint. Ciaran can be contacted on 028 9050 1501 or at firstname.lastname@example.org
SUBSTANTIAL COSTSAVINGS SECURED BY RATING TEAM BY GARETH JOHNSTON, DIRECTOR
We recently reviewed liabilities for a client KCC Architectural in Belfast Harbour Estate. We established that our client had been incorrectly charged rates on one business unit and incorrectly assessed on another unit - the result of our investigations and negotiations with the Land & Property Services was a substantial cost reimbursement and a rates saving for KCC of over £27,000 per annum going forward. “I enlisted the services of Lisney and in particular Gareth Johnston to review some anomalies in the way our rates had been assessed. From the outset I had every confidence he would get to the bottom of these anomalies. On a personal front I found him very likeable and from a business perspective the utmost professional. It is a credit to Gareth that he was able to achieve a substantial cost saving for KCC Architectural.” [Aidan Murphy, Company Secretary, KCC Architectural] In another recent rating case, a client which operates a successful hotel sought our advice when they were shocked to receive a bill for over £100,000 for over 4 years “back rates” in respect of an alteration to their hotel in 2007. We managed to firstly secure a 10% reduction to their NAV on appeal, and then secure a further 25% discount on the total backdated liability. The level of rates owed was not disputed, but the fact that the LPS were aware of the alteration and did not revise the assessment for nearly four years was accepted as unreasonable. The cost-savings to our client totalled nearly £30,000, including £7,500 per annum going forward. Even though this rating list is a number of years old, the opportunities for reductions in rating liabilities can still be identified and secured with good professional advice. Gareth can be contacted at 028 9050 1501 or email@example.com
SIGNIFICANT GROWTH IN FIXED CHARGE RECEIVER SERVICES
Lisney has had a significant number of new fixed charge receiver (FCR) appointments on behalf of clients including all of the major local banks and NAMA.
The current appointments on over 100 properties have included land, residential, retail and commercial schemes, development land and unique one-off properties. Notable instructions have included providing FCR services for Quintin Castle in Portaferry, a unique historic property dating back to 1184. Lisney’s work on the property has included securing and insuring the asset, obtaining vacant possession, complying with and managing planning enforcement notices, advising on alternative uses and preparing the property for sale. The company has also been appointed as FCR on a 12 acre residential development site on the outskirts of Glengormley where the
planning permission had been applied for but not obtained. As part of their role, Lisney organised the demolition and clearance of the properties on the site including the safe removal of asbestos. We tendered for the services of a planner and architect to redraw the scheme which has ultimately increased the asking price for the property by over 40%. The property is currently on the market. For further information about Lisney’s Fixed Charge Receiver services, contact Deirdre Smyth on 028 9050 1501 firstname.lastname@example.org or Declan Flynn on 028 9050 1501 email@example.com
Lisney has let a retail unit on Belfast’s Upper Newtownards Road to a growing local residential estate agency. John Minnis Estate Agents and Property Consultants, who also have offices in Holywood and Donaghadee, have taken a 1,000sq ft unit at Library Court as part of an expansion. The letting follows other recent deals negotiated by Lisney at the Ballyhackamore scheme, including the extension of the unit occupied by the NI Hospice and lease renewals by a coffee shop and a Chinese takeaway. There have also been recent lettings to Norah McNally Hairdressing and Carina Duke, leaving the scheme fully let. Lisney’s Stephen Chambers says that the landlord is very pleased: “We have been able to re-sign a number of important occupiers and to bring in a number of new tenants. We are in the process of filling the final unit, which will leave the scheme fully let.”
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NEW HOME FOR JOHN MINNIS ESTATE AGENCY
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Lisney has been instructed to provide property consultancy services for one of Northern Ireland’s best known charities and has secured a new Belfast headquarters. Having looked at options including redevelopment, refurbishment or moving, Lisney has secured the new premises at Franklin Street and the charity will take occupation in July. The office property extends to 7,000 sq ft over 3 floors and has been secured on a five year lease. Lisney’s Stephen Chambers who looks after the Simon Community account commented “We are delighted to have been able to secure prominent city centre offices meeting the Simon Community’s operational and budgetary requirements”.
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NEW PREMISES FOR LEADING CHARITY
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A previously vacant unit on Belfast’s Callender Street has been occupied by an innovative new restaurant in a deal brokered by Lisney. American barbecue joint Bubbacue, which is owned by the restaurateur behind the successful Boojum chain, has taken the unit behind Next and Marks and Spencer.
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BUBBACUE LETTING IN BELFAST CITY CENTRE
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After 25 years in Linenhall Street, and at the end of our lease term, Lisney embarked on an exciting project – an office move. After years of relocating clients we were finally taking on the challenge ourselves.
LISNEY MOVES OFFICES
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With the assistance of our removal company (Brown Removals), our IT company (Leaf Consultancy) and our office fit-out team (Office Interior Solutions) the office move (250 yards round the corner) went off without a hitch. We left our desks in Lancashire House on a Friday lunchtime and started work on the Monday morning in Montgomery House – all thanks to our dedicated team of support workers.
If you haven’t already visited our new offices, the whole team is now based on one bright floor in an open-plan modern office, which provides a wide range of benefits. We are now based in our new office suite on 1st floor Montgomery House, 29-33 Montgomery Street, Belfast.
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FRICS FOR GARETH JOHNSTON
Lisney Director Gareth Johnston, who heads up the company’s Professional Services Department, has been awarded a Fellowship of the RICS (Royal Institution of Chartered Surveyors) following a rigorous application and assessment process. FRICS is a mark of distinction within the profession that is recognised as denoting the highest standards of success, achievement and expertise. Less than one fifth of RICS members have a Fellowship. Gareth, who joined Lisney in 1994 and was appointed Director in 2001, is also a member of the Institute of Revenues Rating and Valuation.
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Proud sponsor of minirugby: Lisney sponsored Portadown Rugby Club P7 Mini Rugby Tour to Ayr, Scotland on the weekend of 15th–17th March, 2013. Here is the team sporting their Lisney-branded tracksuits. 1ST FLOOR, MONTGOMERY HOUSE, 2 9 - 3 3 M O N T G O M E RY S T R E E T, BELFAST BT1 4NX T: 028 9050 1501 E : P R O P E R T Y @ L I S N E Y- B E L FA S T. C O M L I S N E Y. C O M
Lisney Pulse 2013