Ireland’s National Asset Management Agency (NAMA) has put a €110m (£87m) price tag on a package of five out-of-town shopping centres it is offering for sale.
The retail parks portfolio is the first to be sold as a single lot by the agency and could produce almost €10m (£7.9m) for its new owner. Four of the sites are in Northern Ireland with one south of Dublin.
They are:
NAMA is expected to value the park, on the Dublin Road at Carlow, at around €3m (£2.3m). The four vacant buildings could be used for non-retail uses with suitable planning permission.
The portfolio is expected to attract REIT companies as well as overseas funds anxious to rebalance their Irish investments at a time of renewed interest in retail property. “With good asset management the returns from the portfolio could be considerably enhanced,” commented Willie Norse of CBRE.
Meanwhile, the green light has been given to the Howden’s Quay development in Larne by Northern Ireland environment minister Mark H Durkan (pictured below, front).
The project will be created on the site of the now redundant Kelly’s Fuel Yard, located on the town’s southern shoreline. Remaining true to the 32 acre site’s industrial heritage, developers will create a small unit industrial development geared towards supporting new industry – around 30 per cent of the site will be earmarked for this use, with around 55 per cent dedicated to creating new housing and the remaining 15 per cent to be used for the creation of new leisure facilities.
Mr Durkan says; “Developing this former industrial site will bring a much needed boost to the local economy.
“This approval is a good example of my department delivering its commitment to facilitate economic regeneration, whilst ensuring the protection of the North’s high quality environmental assets.
“The redevelopment of Howden’s Quay has posed particular challenges in dealing with its industrial legacy and in the difficult topography of the site: however, this development will create a quality built environment which at the same time recognises and helps sustain the internationally important habitats and wildlife of Larne Lough and the wider Antrim Coast.”
Although part of the space available at the northern end of the site is already in use as a fuel depot, the remainder of the site has largely fallen into disrepair in the past few years due to the challenging economic conditions causing a plunge in industrial investment. Not only has this had a detrimental impact upon the local economy, it has also created something of an eyesore at one of the main entrances to Larne town centre.
Fortunately, part of the redevelopment proposal focuses solely on the beautification of the waterfront in particular, with the majority of residential construction activity focused here. In addition, the creation of new leisure spaces will drive footfall levels up in an area of the town which has generally failed to respond to regeneration attempts – further benefiting the local economy and potentially even boosting Larne’s status as a destination for tourism.
At this point only outline planning consent has been granted, meaning that further planning applications will be required in order to gain permission for specific site usage. However, Ulster Unionist councillor for the area Mark McKinty believes this decision is a step in the right direction.
He says; “The Howden’s Quay area has been derelict for some time at one of the main entrances to Larne town, despite its development potential.
“This latest announcement is a welcome boost for the local economy.”
With additional material by Kirsten Kennedy
