Pictured (l-r): Judith Allen, Mark Blair and Tracey Schofield.
for whom she has acted for a number of years, on the development of the King’s Hall Complex in South Belfast. The Benmore Group intend to develop a health and wellbeing park to include a Primary care centre, care for older people along with leisure and hotel facilities. “The ageing population in Northern Ireland is one of the highest in the UK and this project, by a reputable local developer, is a very positive step in recognising and tackling this issue,” she explains.
complexity. “The move to A&L Goodbody was, for me, a great opportunity to join a young, enthusiastic team of lawyers,” she said.
In addition to commercial expertise, she hopes to capitalise on her long history of acting for local residential developers in her new appointment. Commenting on the residential market in Northern Ireland, Schofield said: “As recognised local house builders begin to re-emerge, we are seeing a renewed confidence in more significant schemes – such as Fraser Homes’ recent announcement of up to 1,000 new homes at Rivenwood, Newtownards and Lagan Homes’ new schemes for 550 new homes in Bangor. It is also encouraging to see new players emerging such as Blue Horizon, who are building upwards of 125 upmarket houses at Fairfields in Lisburn.”
Allen commented: “A&L Goodbody has been involved in most of the major property transactions in Northern Ireland in the past few years – whether on the selling, buying or refinancing side – so in many ways we have an unrivalled local perspective and overview of both GB and international investment into Northern Ireland.
Schofield reflects that she has joined a busy team of property lawyers whose strength and reputation lies in their ability to deliver on deals in terms of value, volume and
MAY 2016
Consistently ranked at the top of its market by leading international publications, A&L Goodbody was recently named ‘Ireland Law Firm of the Year 2016’ [Chambers Europe Awards], as well as ‘European Law Firm of the Year 2015’ [The Lawyer] and ‘Northern Ireland Law Firm of the Year 2015’ [The Legal 500 UK].
“There are a few more loan sales to come in the shorter term, but we are definitely experiencing a renewed energy across the main sectors in our market. This was certainly the view presented by local developers who attended MIPIM, including around the residential market – as we ourselves have witnessed in our recent work on the 165-acre former KPL Contracts site earmarked for housing at Ballyclare. That size of deal definitely adds excitement again to the local market.”
Blair continued: “The leisure and hotel market has also seen a notable uplift in activity and we have been involved in some really interesting deals in this sector recently – including selling the Premier Inn at Titanic Quarter, acquiring the former Holiday Inn at Belfast City Centre and, most recently, acting for Dalata Hotel Group in its development agreement with McAleer & Rushe for a 14-storey hotel on Brunswick Street in Belfast. “There is still more potential in this sector and it will also be interesting to see how Tristan and Lotus seek to expand the leisure offerings at The Outlet and Junction One. “With so many of the large retail schemes already traded, much of the NI talk at MIPIM was around the office market, and it is the most positive I have heard it,” he said. “The highlight was the announcement of the £20 per square foot rental negotiated by Causeway Asset Management on behalf of the landlord, Kilmona Holdings, for Allstate’s Grade A offices at Lanyon Place. That could be a game-changer, and hopefully is a sign of things to come.”
To contact a member of the Commercial Property team at A&L Goodbody, call 028 9031 4466 or email mblair@algoodbody.com, tschofield@algoodbody.com or jallen@algoodbody.com
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