LONDON-Land Securities has formed a joint venture with GML Estates, the Northern Ireland subsidiary of Orana Group, to develop more than 60,000 sm of retail at Bridgewater Park in Banbridge. Bridgewater Park, to be developed on a 125 acre site, will be one of the largest mixed-use developments in Northern Ireland.

The first phase of the euro 140-million ($167-million) development is the delivery of the Outlet, a 20,000-sm factory outlet with 80 retail units. The second phase will include a 40,000-sm retail park and 3,500 parking spaces. Further stages of the approved scheme include a 60-bedroom tourist hotel, drive-thru restaurant and petrol filling station.

The partnership will buy the land, which already has planning permission, from Stoney Properties, which will continue to hold an interest in future phases of the development. Planning permission has also been granted for a 50,000-sm business park, to be developed by Stoney Properties.

"This partnership enables Land Securities to increase its investment in the factory outlet sector, building upon our assets in Livingston and Portsmouth," says Richard Akers, managing director of Land Securities Retail. "We believe the Outlet's high-profile location and the further opportunities at Bridgewater Park will make this the dominant scheme in Ireland."