Belfast Telegraph

Tuesday 23 September 2014

Major shopping outlet could be yours for £5m

Scottish Mutual, Donegal Square Belfast

As Nama announced plans to inject £9m in the development of a residential site in east Belfast, another major asset in its portfolio came on to the market.

The Linen Green Designer Village and shopping outlet in Dungannon is on sale through agents CBRE.

The development, which has shops, cafes and the offices of business advisers PricewaterhouseCoopers, has a price tag of £5m.

CBRE is also in charge of the sale of the listed Scottish Mutual office and retail building in Belfast city centre.

Both were part of Jermon, the group of property companies set up by Co Tyrone pharmacist Peter Dolan.

The now-discharged bankrupt was one of the biggest property developers in Northern Ireland until the property crash of 2008.

CBRE described the sale of the Linen Green as an "opportunity to acquire a thriving, long established and well regarded designer village investment with asset management and further development potential".

Meanwhile, it's understood the proposed sale of Scottish Mutual is progressing and that interested parties have been invited to give 'best bids' on Friday.

The building was bought by Jermon in 2007. According to reports then it had a price tag just under £10m. It is now for sale, again through CBRE, for £1.75m.

Mr Dolan's firms bought dozens of offices and shopping centres in the late 1990s and 2000s. But after the property crash his investments dropped drastically in value and many were repossessed.

Since the firm borrowed extensively from Irish banks, loans on many of the properties were absorbed by the Republic's bad bank Nama, which now has an interest in the sale of those properties.

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