Belfast Telegraph

Company Report

Titanic Island

By John Simpson

Titanic Island is the Northern Ireland subsidiary of Jersey-registered Titanic Investments. The trading results for Titanic Island reflect events in the regeneration of the 161 acres of land known as Titanic Quarter and held on a long lease from the Belfast Harbour Commissioners.

The results over the last six years reflect the major downturn in the property market and the problems faced by Titanic Island as a promoter of the wide range of regeneration projects. An unexpected difficulty emerged in a legal dispute initiated by Belfast Harbour Commissioners which was resolved during the last trading year.

Titanic Island has recently found itself in competition with Belfast Harbour in seeking new developers and tenants for new facilities. The registered accounts for Titanic Island are unusual and call for careful reading. Large trading and pre-tax losses were recorded from 2011 to 2013. In 2014 and 2015 a small trading profit was registered but, after paying large interest bills, pre-tax losses have continued.

Titanic Island owns a number of other subsidiaries connected with the development of the main Queen's Island projects including Titanic Quarter, Ivy Wood Properties, and Ivy Wood College (the PPP building occupied by Belfast Metropolitan College).

The company has been assisted by two continuing loans through its main shareholders to the value of over £42m. Ulster Bank sold outstanding commercial loans worth nearly £60m to the Burlington Loan Management fund in 2014.

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