John Simpsons Company Snapshot: Titanic Island Ltd
Titanic Island is the Northern Ireland subsidiary of Jersey registered Titanic Investments.
In turn, Titanic Island is the parent company that owns the share capital in a number of other subsidiaries connected with the development of the major Queen’s Island projects including Titanic Quarter and Ivy Wood Properties.
The financial results for Titanic Island do not consolidate the figures from the subsidiaries.
This explains why Titanic Island essentially is a vehicle to ensure that capital finance is available to facilitate the acquisition and consolidation of land and property for the main developments.
The value of land and property acquired for development rose from £33m at the end of 2006 to £61m in December 2007.
Working capital has been provided by the businesses of the main shareholders, including Harcourt Developments, alongside substantial funds from the Ulster Bank.
Titanic Island is, along with the other related businesses, at an early stage in the generation of a renewed level of business, leisure and residential activity in part of the area formerly used by Harland and Wolff.
In recent months, Titanic Quarter has received planning consent for its Phase II development plan.
In addition, a planning application for a Financial Services campus was submitted in May 2008.
Plans for the Titanic Signature project have been published and, when funding is fully secured, construction should start in 2009.
Plans to build the new Belfast Metropolitan College and the Public Record Office are in preparation.