A UK property firm said its takeover of a major retail development in Lisburn will be the first of several acquisitions in Northern Ireland.

Lisburn Square was on the market for £2.25m, but it was built at £23m. It includes 29 retail units as well as a number of kiosks, residential premises and 210 underground parking spaces.

The 14-year-old square's new owner, Marcol, is planning to add eating establishments along with indigenous firms. The sale price was not disclosed, but it is understood that retail site got close to its asking price. Since it opened back in 2001, many of the square's shops have closed, and now more than 50% of the units are vacant.

Marcol's Terence Cole is on a mission to try and turn this around. He wants to attract lifestyle and leisure interests by turning the square into a “mixed-use scheme”.

Mark Steinberg, co-founder of Marcol, said: "The deal is the first of what we hope to be several acquisitions in Northern Ireland and we are excited by the prospect of regenerating Lisburn Square".

They see it as an opportunity to enhance the scheme using their extensive knowledge and experience of other retail and mixed-use schemes right across the UK. The square is adjacent to more popular destinations on Bow Street, such as Tesco, Boots, Cafe Nero and Superdrug, and as such, footfall is very high. Marcol's aim is to compliment this, creating a must-visit destination for anyone who comes into Lisburn. It is also to work closely with current retail provision in the city.

Developing the square to include restaurants and bars could help create an area similar to St Anne's in Belfast, according to Eamonn Murphy of Murphy Surveyors. He admitted that it had failed as a retail, and speculated as to whether that was due to lack of interest, or due to the economy.

"But it could be a leisure destination for the city,” he continued. “That's the market that is exciting at the moment. Aside from retail there could be restaurants, a health club, office and a small budget hotel. There is life in Lisburn”.