Belfast Telegraph

40-acre housing development site for sale at knockdown price of £3m

By Clare Weir

A massive site in Co Londonderry on the market for a fraction of its original value still has the potential to boost the north west’s economy, according to the selling agent.

Forty acres of land formerly owned by McDaid Developments in Drumahoe outside Derry is for sale at £3m — although insiders said the land was worth well over £10m at the height of the property boom.

The land is zoned as a housing site in the Londonderry Area Plan 2001 and has outline planning consent for residential development for 340 houses.

Property developer Peter McDaid was declared bankrupt in June after the collapse of McDaid Developments, which is thought to have cost Bank of Ireland almost £36m.

The proposed housing development was hailed as a “major boost for the construction industry” in 2008 and was praised by then Environment Minister Sammy Wilson.

Douglas Wheeler of BTW Shiells, who is handling the sale, said that despite the collapse of the property market, interest in the site was steady.

“We have had a lot of interest in the site as it represents value for money,” he said.

“As well as the possibility for housing, there are still the |options for a ‘spine’ road and a new roundabout which could |significantly alleviate traffic problems through Drumahoe village.

“Despite the current economic downturn we still think this site offers a lot of potential long-term.”

Meanwhile a Co Londonderry property developer whose company was placed into receivership has also been declared bankrupt.

Sean McWilliams' firm, McWilliams Homes, which was based in Swatragh and had large developments in Co Donegal, owes Anglo Irish Bank almost £25m.

Belfast Telegraph