Belfast's Forestside shopping centre deal set to create 150 jobs

Forestside shopping centre in south Belfast was bought for £5m above its asking price

The new owners of Forestside shopping centre in south Belfast expect about 150 jobs to be created through the purchase.

The centre was bought by Mussenden Properties Limited, a vehicle for Michael Herbert, who has previously appeared on the Sunday Times Rich List.

Mr Herbert made Kentucky Fried Chicken (KFC) an empire in Northern Ireland.

Forestside has been bought for £42m - about £5m above the asking price.

Mr Herbert and his wife Lesley built up the UK's largest KFC franchise over 40 years.

They sold the chain in 2020.

The 336,000 sq ft shopping centre, which includes anchor tenants Sainsbury's, Marks and Spencer, Dunnes Stores and Next, was put up for sale in May 2023.

Estate agency Savills said Forestside had 35 fully-let retail units and full planning permission for three restaurants in a car park next to the Upper Galwally entrance.

Mr Herbert told BBC News NI's Evening Extra programme the plan was to create a food village at the site, with work expected to begin in January.

Michael Herbert is one of Northern Ireland's richest businessmen

"Forestside has got existing planning permission from the previous owners, but they never enacted it due to Covid and other things," he said.

"We are now going ahead with existing planning permission, which we are going to start in January, it is going to be like a food village and we have it all under offer.

"We are going ahead and building it, we are going to fast-track it to build it quickly and that provides 50 construction jobs and 100 full-time jobs.

"There's going to be three major restaurants, we have them all under offer."

Mr Herbert said he believed there "is plenty of future for retail".

"There was a lot of demand from English investors, but we are locally based, we really wanted to get it, we can make it happen quickly," he added.

"We have got confidence in the future, [or] we wouldn't be buying this centre."

'Stellar result'

Ben Turtle, director of investment at Savills Belfast, said: "The net initial yield of 7.91% is significantly ahead of market comparables in both Northern Ireland and Great Britain, and reflects the quality of the asset.

"The transaction is evidence of growing investor appetite for such prime product in Northern Ireland, and we are pleased to have achieved this stellar result for our client despite some current headwinds."

Foyleside Shopping Centre, situated on the bank of the River Foyle in Londonderry, is under offer

The Herberts also have significant interests in housing building and commercial property.

It includes the Barry's Amusements site in Portrush, which is currently run by the Curry family on a long-term lease.

'Power couple'

"You can't go to school to become a millionaire, you have got to have that something in you to do it," Mr Herbert added.

"You can be a dentist, or a doctor, but you can't go to college and say they are going to teach you how to be a millionaire, it doesn't work that way.

"My wife and I work closely together - we are a power couple.

"Lesley works in a different way, everything is discussed every night and then we decide what we are going to go to, and that's always been the way we have done it."

Meanwhile, Foyleside shopping centre in Londonderry, which was also put up for sale earlier this year, is understood to be under offer.