1ST FLOOR, MONTGOMERY HOUSE, 29-33 MONTGOMERY STREET, BELFAST BT1 4NX. T: 028 9050 1501 E: PROPERTY@LISNEY-BELFAST.COM W: LISNEY.COM

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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 portfolioNew tenants for revitalised Richmond CentreLisney selling world class equestrian centreRoyal Hotel, Bangor on the market11 acre former Nestle site brought to marketMajor property group opts for LisneyTime to rebalance rates Substantial cost-savings secured by Lisney’s Rating TeamNew premises for leading charityNew home for John Minnis estate agencySignificant growth in Fixed Charge Receiver servicesLisney moves offices

The commercial property market inNorthern Ireland, like other regions of the UKand Ireland, has suffered considerabledownturn due to difficulties in the economyand the banking sectors over the past fewyears.

The continued illiquidity, lower occupationaldemand and investor caution has led todrops in both rental and capital valuesthroughout most types of commercialproperty, but more particularly in relation tosecondary assets with short income andvoids. This has meant that investmenttransactions remain low compared to GB.

In 2011, there was approximately£25million of institutional quality sales inNorthern Ireland in a total of four

transactions – three prime retail parks and aprime retail investment in Belfast.

In 2012, there were approximately £95million of institutional quality sales in a total ofsix transactions, all of which were retail – three food stores, a prime retailwarehouse and a prime high streetinvestment in Belfast.

In 2012 Lisney contributed to thepreparation of the IPD Index for NorthernIreland. For the first time ever, investors willnow be able to use the IPD Index whenanalysing investment property performancein Northern Ireland. The index, which is afavoured tool for institutional investors, willallow the performance of property inNorthern Ireland to be benchmarked against

property in GB.The research highlighted the good returns

that are available from property in NorthernIreland for investors.

Our view for the rest of 2013 is thatinvestment volumes will continue to increaseand that retail at the prime end of thespectrum will continue to attract institutionalinvestors paying strong prices. We alsobelieve we will see an increase in the numberof opportunity funds and property companiesseeking discounted opportunity stock withgood asset management opportunities.

Andrew can be contacted on 028 9050 1501 or at amarsden@lisney-belfast.com

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The Northern Ireland economy hasexperienced a number of recent setbacks,not least the negative publicity and disruptionresulting from the flag protests, but also therecent 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 propertybeing placed on the market, even though thevolumes are considerably up from previousyears. Similarly the threat that NAMA wouldflood the market with property has notmaterialised.

Against this backdrop, Lisney has seenthe volume of Agency transactions increaseon last year, and selected demand for well-let investments and for quality residential sites.

There will undoubtedly be continuingchallenges for businesses this year, and acontinued focus on cost reduction. With theimpending Non-Domestic Rates Revaluationbeing a hot topic, our rating team is very wellplaced 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 anduntil this issue is dealt with, it is unlikely thatwe will see a return to a normal market.However we are seeing signs that the mainbanks are getting to grips with the size of theproblem and the recent raft of loan sales canonly help bring some liquidity.

The outlook for the remainder of the yearis for more of the same, tempered withcautious optimism that transaction volumeswill increase again.

Declan can be contacted on 028 9050 1501 or at dflynn@lisney-belfast.com

MARKET OVERVIEWB Y D E C L A N F LY N N , M A N AG I N G D I R E C TO R

INVESTMENT MARKET ANALYSISB Y A N D R EW M A R SD EN

RETAIL TEAM EXPANDS PORTFOLIOLisney has recently secured a number of

significant appointments for major NorthernIreland shopping centres, further cementingits reputation as a retail agency specialist.

The company will act as joint agent for the175,000 sq ft Tower Centre in Ballymena,which is anchored by Primark, B&M Bargains,Boots and Dunnes. The shopping centrewhich is located in the heart of Ballymena hasa very strong tenant line up and footfall isparticularly high at around 100,000 per week.

It has also been appointed by McAleer &Rushe as letting agent for its 145,000 sq ftMeadowlane Shopping Centre in Magherafelt,with tenants including Dunnes, New Lookand Iceland.

Lisney has also been appointed lettingagent for Springhill Retail Park in Bangorwhich is anchored by an 80,000 sq ft Tescosupermarket with tenants including NewLook, Next, Sports Direct and Starbucks.

Associate Director, Nicky Finnieston, says:“We have had significant success withschemes such as Richmond Centre andCrescent Link, which has been recognised inthe industry. We have already brokered anumber of important deals for our new clientsand have a number of good deals in thepipeline. We would be keen to look at gettingon board with other schemes and believe wecan bring a proactive and innovative approachto the letting strategy for any retail scheme

and a proven track record of deliveringsuccess.”

Nicky can be contacted on 028 9050 1501 or atnfinnieston@lisney-belfast.com

FOODSTORE PLANNING GRANTED AT CRESCENT LINK

The retail sectorcontinues to operate in a very challengingenvironment, with consumerconfidence remaining low.This has lead to a numberof high profileadministrations in recent months, including thelikes of HMV, JJB, Jessops and Republic.

The retail vacancy rate here has beenincreasing as a result, with nearly 1 in 5 shopsempty across Northern Ireland, according toLisney’s last Retail Vacancy Survey.

Belfast’s vacancy rates were particularly high,with an alarming 1 in 4 shops empty. This level isunlikely to improve much in the short term, withincreasing numbers of retail administrationsadding to the availability with low levels of retailerdemand.

Business rates continue to be a major issue inattracting retailers to prime locations, and wheredeals can be done, rents continue to besuppressed. Donegall Place, which has some ofthe highest business rates in the city, hadcommanded rents of around £270 per squarefoot ITZA back in 2007, dropping to £130 by2010.

In recent times, there has been evidence ofdeals on Donegall Place as low as £50 persquare foot ITZA. That said, the recent letting toBarretts in March 2013 provides evidence tosupport a tone of around £140.

Despite the challenges, there is some activityin the market, with new store openings, upsizingand relocations. In Belfast recent lettings includeInternacionale, as well as Barretts on DonegallPlace and Fat Face’s relocation from FountainStreet to Victoria Square. Elsewhere, retailerslike Poundworld, Home Bargains, LifestyleSports, Sports Direct, Blue Inc andInternacionale have all been active.

In the food and drink sector, activity is higherthan elsewhere, with Caffé Nero opening newstores in Belfast and Derry, Costa opening inBelfast and Coleraine and Frankie & Benny’srecent openings in Coleraine and Ballymena.Prezzo and Cosmo have opened their firstNorthern Ireland stores in Victoria Square and DiMaggios are due to open in Castlecourt.

The outlook for the rest of 2013 is much ofthe same, with some retailers with specificrequirements for new stores and some churn ofrelocations, reconfigurations and lease re-gears.We anticipate growth in coffee shop andrestaurant openings and continued pressure on rents.

Nicky can be contacted at Lisney on 028 9050 1501 or atnfinnieston@lisney-belfast.com

Lisney are delighted that planningpermission has been granted for asupermarket at Crescent Link Retail Park.

The application was lodged on the backof a deal being agreed with Asda to bringtheir first supermarket to the city.

With permission being granted in lateDecember, final details are being agreedprior to commencing the development thatwill bring around 350 new jobs to the area.

Lisney’s Nicky Finnieston looks afterCrescent Link Retail Park and agreed thedeal with Asda.

He said: “This new development atCrescent Link will provide somecompetition in the supermarket sector in

Derry and stop retail spend leakage toColeraine and Strabane, where Asda haveexisting stores, so it is a positive for thecity. It will also bring a large number ofmuch needed jobs to the area.”

“Asda will be a very welcome addition tothe tenant line-up, joining DFS who alsotook a new store here recently. We arecurrently working on a number of assetmanagement initiatives to bring some newand exciting operators to the hugelysuccessful scheme,” he added.

Crescent Link is one of NorthernIreland’s premier retail parks with tenantssuch as Boots, Marks and Spencer, Nextand Toys R Us.

RETAIL MARKETANALYSISBY N ICKY F INN IESTON ,ASSOC IATE D IRECTOR

NEW TENANTS FOR REVITALISEDRICHMOND CENTRE

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The Richmond Centre has furthercemented its position as a revitalised andflourishing shopping complex with a stringof new tenants negotiated by Lisney.

Caffé Nero has opened its first store inthe North West at the centre. The 1,600 sqft unit is at the Linenhall Street entrancewith an adjacent al fresco seating area. Thestore opened in mid March and has proveda huge hit with the people of Derry tradingextremely well.

In an additional letting, Lifestyle Sportshas just opened a new 11,000 sq ft store inthe unit previously occupied by JJb, havinginvested substantial sums in an all-new fit-out for the unit.

This follows a string of new lettings andre-signings last year, and is a significantvote of confidence in the rejuvenatedcentre.

Outdoor retailer Trespass took a 2,000

sq ft unit at the Ferryquay entrance on level3 of the almost fully-let centre, withO’Briens, Nails NI and Card Factoryopening new stores on the same level.Game and Shoezone took 2,500 sq ft and3,000 sq ft respectively on level 2. Retailerssuch as Internacionale, Semi Chem andYellow Moon all showed a vote ofconfidence by extending their leases in thescheme.

Associate Director, Nicky Finnieston,says: “This has been another strong year forthe Richmond Centre as we have managedto further strengthen the tenant line-up. Acombination of high footfall, strong locationand a quality tenant mix are provingextremely attractive to acquisitive retailers.We are currently negotiating a number ofother deals that will hopefully see thescheme fully let with an exciting tenant line-up in the coming months.”

The occupationaloffice market incentral Belfast isreaching aninteresting phase inthe market cyclebecause, whilst thegeneral economy

remains challenging, there are strong signalscoming through that with no new supplycoming on stream and steady demand, overtime, the opportunities for medium to largerscale acquisitions are now restricted.

In our assessment, stated demand exceedssupply, which somewhat perversely presentsthe distinct possibility of competition for spacewhich could lead to the end of the ‘generous’deal structures that have prevailed. Demand iscurrently being driven by a mix of local market

churn from existing occupiers and foreigndirect investment activity.

For the moment, rents remain competitivecompared to other cities, including Dublin,Glasgow and Cardiff, but it could be arguedthat the gap may narrow in the not too distantfuture. From a broader market perspectivehowever, we do need rental growth to justifythe next phase of development.

Current headline rents remain in the range£12-14 per sq ft, but once the incentivepackages are factored into the calculationsthis makes it difficult for developers to justifyany new development. More fundamentally,the availability of development finance remainsrestricted, hence development will be at a lowlevel for the foreseeable future with newsupply limited to the refurbishment of existingbuildings assisted by a tax play in the form of

BPRA (Business Premises RenovationAllowance).

In this constrained environment,Government has a role to play by eitherinvesting directly in development to producenew stock or indirectly by providing incentivesor agreeing to take a pre-letting of abuilding/s from developers who are itching toget to work. Also, by striving for efficiencythroughout the current estate, this could freeup stock.

In terms of uptake, c. 40,000 sq ft wastransacted in the first quarter of 2013, whichwas less than the same period last year, butpales in comparison to Dublin, whichexperienced almost 10 times our volume.David can be contacted on 028 9050 1501 or atdmcnellis@lisney-belfast.com

LISNEY SELLING WORLD CLASS EQUESTRIAN CENTRE

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Lisney has been appointed to sell or let aworld-class equestrian centre and associatedagricultural lands in Fermanagh.

Working for Fermanagh District Council,Lisney is marketing Necarne Estate on theedge of Irvinestown for potential uses thatmight include a hotel, an equestrian centre,or an outdoor activity centre.

Stretching over 228.43 acres, Necarne isa unique historic estate that includes 150

acres of grassland and 30 acres of maturewoodland, situated within an internationallyrenowned lakeland, tourism and leisuredestination.

The property includes residentialaccommodation of 16 double/twin ensuiterooms, with lounge, kitchen and bar; anindoor arena with a 300-seat viewing galleryand catering facilities; 80 cut stone stablesaround an inner and outer courtyard; and

ample parking.The estate also has outdoor and walled

garden arenas; a single storey gate lodgeand traditional two-storey ‘garden house’with 4 bedrooms; a laboratory; cross country,steeple chase and point to point courses; anda range of outbuildings and stores.David can be contacted on 028 9050 1501 or atdmcnellis@lisney-belfast.com

OFFICE MARKET REVIEW BY DAV ID MCNELL IS , D IRECTOR

One of Bangor’s best known landmarks has been placed on themarket by Lisney.

The Royal Hotel, including the Windsor Bar, currently has ensuitebedrooms over four floors, and is being sold on behalf of a private client.

Occupying a prominent corner site overlooking Bangor Marina andBelfast Lough, full Planning Permission was granted in May 2011 todemolish the existing Royal Hotel and its Windsor Bar.

The planning permission has been secured for a mixed useredevelopment 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 dmcnellis@lisney-belfast.com

ROYAL HOTEL, BANGOR ON THE MARKET

One of the largest property groupson the island of Ireland has appointedLisney as joint letting agent for itsNorthern Ireland portfolio, comprisingapproximately 1.5million sq ft.

The company will act as joint lettingagent for PBN Group which owns awide range of business and retailspace in the greater Belfast area.

Lisney will immediately begin lettingspace at properties including AdelaideHouse and Adelaide Business Park inthe Boucher Road area, CarryduffShopping Centre and Shore BusinessPark in Carrickfergus, with unitsranging from 1,000 – 80,000 sq ft.

Other PBN Group properties thatthe agency will be acting as joint agentfor include Edgewater Business Park,Hawthorn Office Park, Coastal

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 voteof confidence in Lisney by one ofNorthern Ireland’s major propertygroups.

Lisney has been very successful insecuring occupiers for a number ofsignificant clients in a difficult market,and PBN has recognised this,” he continues.

“We are delighted to be instructedon such an extensive and wide rangingportfolio of assets and look forward toassisting PBN in adding value wherepossible”.

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MAJOR PROPERTY GROUP OPTS FOR LISNEY

Lisney is marketing the site of a formerNestle factory near Omagh which has fullplanning permission for 108 homes.

Acting on behalf of the administrativereceiver at RSM McClure Watters, Lisney isseeking a buyer for the site at 46 BeltanyRoad, two miles outside of the CountyTyrone town.

The site includes the vacant former Nestlefactory and has excellent views over theFairy Water River to the north and OmaghRugby Club playing fields to the west.

It is situated opposite an establishedresidential development known as BeltanyGrove, comprising 39 detached residences.The Omagh Showgrounds is also in closeproximity.

Full planning permission for 108residential units has been granted, withproposed accommodation incorporatingeight two-bedroom apartments, two four-bedroom detached homes, 24three-bedroom town houses, 74 three-bedroom semis and two single domestic

garages and seven double domesticgarages.

Interested parties should contact:Andrew Gawley via 028 9050 1501 oragawley@lisney-belfast.com

11 ACRE FORMER NESTLE SITE BROUGHT TO MARKET

Conditions in the industrialwarehouse sector remain difficult, withthe purchase of warehouse units at alow level. Lettings have beenreasonable, albeit it is clearly atenant’s market as landlords reducerents 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 intraditional warehouse locations are achieving £20-£50 persq ft.

Looking ahead to the rest of the year, rentals will remainrelatively low, with the majority of sales likely to comethrough Fixed Charge Receivership, banks and insolvencypractitioners.

Some sales activity in the sector will be driven by thefact that capital values are now approximately half the costof building new facilities. We anticipate increased demandto purchase good quality freehold units which may helppush up prices from their current low levels.

Due to the lack of available funding, there is littledevelopment taking place and we do not expect this tochange in the near future. Tenants can currently obtainsecond hand buildings from £2 per sq ft with short, flexibleleases and funding for development cannot be obtained onthese terms. In this market development does not makesense. 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 ashortage of good quality space, particularly buildings over50,000 sq ft, resulting in limited options for both inwardinvestment and the potential expansion of localcompanies.

Andrew can be contacted on 028 9050 1501 or at agawley@lisney-belfast.com

INDUSTRIAL MARKETANALYSISBY ANDREW GAWLEY

Lisney has been instructed to carry out aproperty management review on a substantialretail asset on behalf of one of the local banks.This is the first property management review ofthis size and nature and has been implementedin order to provide the lender with confidencethat the correct management systems are inplace.

It is testament to the quality of the processesin our property management department that thebank has asked Lisney to undertake this review.We have been engaging with the local banks ona number of strategic reviews for large NorthernIreland-based assets in the last 12 months.However this is the first time we have beenasked to provide a more in-depth review of theproperty management systems that are in place.Management portalThe management team have recently

introduced a number of web-based initiatives tocomplement the services we already provide.The first is an online asset management toolthat provides real time information for propertyowners, allowing different team members to

connect and collaborate with ongoing assetmanagement initiatives. Our clients will be ableto constantly monitor how the assets areperforming and keep up-to-date with theongoing lettings, rent reviews, lease renewals,and debt collection.

The second is a resource portal for landlords,tenants and onsite staff at our managementproperties. This allows tenants to accessimportant data such as H&S policies, fit-outguides, service charge information and asbestosreports amongst other things. Landlords will beable to access management reports andfinancial data, whilst onsite staff will have avaluable HR centre. The decision to implementthis system, whilst improving communicationbetween Lisney, landlords, tenants and onsitestaff, it is also part of a conscious effort toreduce the amount of paper output from theoffice and reduce our carbon footprint.

Ciaran can be contacted on 028 9050 1501 or atcokane@lisney-belfast.com

PROPERTYMANAGEMENTREVIEW B Y C I A R A N O ’ K A N E , D I R E C TO R

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SUBSTANTIAL COST-SAVINGS SECURED BY RATING TEAMB Y G A R E T H J O HN S TON , D I R E C TO R

We recently reviewed liabilities for a client KCCArchitectural in Belfast Harbour Estate.

We established that our client had been incorrectlycharged rates on one business unit and incorrectlyassessed on another unit - the result of our investigationsand negotiations with the Land & Property Services was asubstantial cost reimbursement and a rates saving for KCCof over £27,000 per annum going forward.

“I enlisted the services of Lisney and in particular GarethJohnston to review some anomalies in the way our rateshad been assessed. From the outset I had every confidencehe would get to the bottom of these anomalies. From abusiness perspective he was the utmost professional. It is acredit to Gareth that he was able to achieve a substantialcost saving for KCC Architectural.” [Aidan Murphy,Company Secretary, KCC Architectural]

In another recent rating case, a client which operates asuccessful hotel sought our advice when they wereshocked to receive a bill for over £100,000 for over 4 years“back rates” in respect of an alteration to their hotel in2007. We managed to firstly secure a 10% reduction totheir NAV on appeal, and then secure a further 25%discount on the total backdated liability. The level of ratesowed was not disputed, but the fact that the LPS wereaware of the alteration and did not revise the assessmentfor nearly four years was accepted as unreasonable. Thecost-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, theopportunities for reductions in rating liabilities can still beidentified and secured with good professional advice.

Gareth can be contacted at 028 9050 1501 orgjohnston@lisney-belfast.com

TIME TO REBALANCE RATES B Y N I C K Y W R I G H T, A S SOC I AT E D I R E C TO R

The Non-Domestic Rating Revaluation won’t takeplace until April 2015, but it is important to know about itnow, as the valuation date is 1 April 2013.

The process of Revaluation starts formally with Landand Property Services (LPS) sending out Forms ofReturn to occupiers and landlords, which are likely to belengthy and detailed, requiring the recipient to carefullyinput 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 thisRevaluation will be more difficult than ever, as there will be rent-free periods, top-uprents, turnover and reduced rental periods.

The Forms of Return and their analysis will be crucial to the Revaluation. Oncethis is completed, the timetable for the publication of Summary Valuations has beenset for October 2014, with the list going live from April 2015.

The purpose of a Revaluation is to redistribute the revenue burden - rather thanincrease the amount of money raised - as The Executive and the councils still needthe same amount of money for services.

Non Domestic properties provide some £550m in rates revenue and generatealmost 60% of all rates revenue. The rates you will pay as an occupier, or perhapsas a landlord with vacant commercial property, will be based on this new ratingassessment.

The last Revaluation took place in 2003 based on rental values in 2001, andthere have of course been major changes in the property market in the interveningperiod meaning that the rates liability has not been fairly distributed, with propertiesin 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 earlystage, but sectors that have fared better since the last revaluation, such assupermarkets, will likely see an increase in their rating bills; conversely the towncentre retailers may well see some reduction in rates payable. There will of coursehave to be adjustments to the rate in the pound levels to ensure there is no fall inthe rates revenue. As to the levels of reductions or increase, it isn’t possible todetermine but in the 2003 revaluation, almost three quarters of business rates billswent up or down by less than 20%.

With our experienced rating team, we can provide you with advice in regard tocompleting the Forms of Return and once the List goes live, in evaluating yourrating assessment.Nicky can be contacted via: 028 9050 1501 or nwright@lisney-belfast.com

A previously vacant unit on Belfast’s Callender Street hasbeen occupied by an innovative new restaurant in a dealbrokered by Lisney.

American barbecue joint Bubbacue, which is owned by the restaurateur behind the successful Boojum chain, has taken the unit behind Nextand Marks and Spencer.

Lisney has let a retail unit on Belfast’s Upper Newtownards Road to a growing localresidential estate agency.

John Minnis Estate Agents and Property Consultants, who also have offices inHolywood and Donaghadee, have taken a 1,000sq ft unit at Library Court as part of anexpansion.

The letting follows other recent deals negotiated by Lisney at the Ballyhackamorescheme, including the extension of the unit occupied by the NI Hospice and leaserenewals 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 ableto re-sign a number of important occupiers and to bring in a number of new tenants. Weare in the process of filling the final unit, which will leave the scheme fully let.”

Lisney has been instructed to provideproperty consultancy services for one ofNorthern Ireland’s best known charities andhas secured a new Belfast headquarters.

Having looked at options includingredevelopment, refurbishment or moving,Lisney has secured the new premises atFranklin Street and the charity will takeoccupation in July.

The office property extends to 7,000 sq ftover 3 floors and has been secured on a fiveyear lease.

Lisney’s Stephen Chambers who looks afterthe Simon Community account commented“We are delighted to have been able to secureprominent city centre offices meeting theSimon Community’s operational and budgetaryrequirements”.

BUBBACUE LETTING INBELFAST CITY CENTRE

NEW PREMISESFOR LEADINGCHARITY

NEW HOME FOR JOHN MINNISESTATE AGENCY

SIGNIFICANT GROWTHIN FIXED CHARGERECEIVER SERVICES

Lisney has had a significant number ofnew fixed charge receiver (FCR)appointments on behalf of clientsincluding all of the major local banksand NAMA.

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The current appointments on over 100 properties have includedland, residential, retail and commercial schemes, development land andunique one-off properties.

Notable instructions have included providing FCR services for QuintinCastle in Portaferry, a unique historic property dating back to 1184.

Lisney’s work on the property has included securing and insuring theasset, obtaining vacant possession, complying with and managingplanning enforcement notices, advising on alternative uses andpreparing the property for sale.

The company has also been appointed as FCR on a 12 acreresidential 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. Wetendered for the services of a planner and architect to redraw thescheme which has ultimately increased the asking price for theproperty by over 40%. The property is currently on the market.

For further information about Lisney’s Fixed Charge Receiverservices, contact Deirdre Smyth on 028 9050 1501 dsmyth@lisney-belfast.com or Declan Flynn on 028 9050 1501dflynn@lisney-belfast.com

With the assistance of our removal company (Brown Removals), ourIT company (Leaf Consultancy) and our office fit-out team (OfficeInterior Solutions) the office move (250 yards round the corner) wentoff without a hitch.

We left our desks in Lancashire House on a Friday lunchtime andstarted work on the Monday morning in Montgomery House – allthanks to our dedicated team of support workers.

If you haven’t already visited our new offices, the whole team is nowbased on one bright floor in an open-plan modern office, whichprovides a wide range of benefits.

We are now based in our new office suite on 1st floor MontgomeryHouse, 29-33 Montgomery Street, Belfast.

Proud sponsor of mini-rugby: Lisney sponsoredPortadown Rugby ClubP7 Mini Rugby Tour toAyr, Scotland on theweekend of 15th–17thMarch, 2013. Here isthe team sporting theirLisney-brandedtracksuits.

Lisney Director Gareth Johnston, who heads up the company’s Professional Services Department, hasbeen awarded a Fellowship of the RICS (Royal Institution of Chartered Surveyors) following a rigorousapplication and assessment process.

FRICS is a mark of distinction within the profession that is recognised as denoting the highest standardsof 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 Instituteof Revenues Rating and Valuation.

LISNEY MOVES OFFICES

FRICS FOR GARETH JOHNSTON

After 25 years inLinenhall Street, andat the end of our leaseterm, Lisneyembarked on anexciting project – anoffice move. Afteryears of relocatingclients we were finallytaking on thechallenge ourselves.

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