Belfast Telegraph

Bangor's Bloomfield Mall firm suffers £26m profit loss

The property firm which owns Bangor’s Bloomfield shopping centre and Lisburn’s Bow Street Mall has revealed it suffered a £26m pre-tax loss in 2010.

Donegall Place Investments in Belfast also wrote down the value of its properties by £97m, giving a total loss for the year of £123m, in line with a trend of all major property firms across Ireland.

The auditors of Donegall Place Investments said there was still some uncertainty about the value of the firm's assets as the revaluation was carried out by the directors rather than an independent surveyor.

The firm, owned by Pat McCormack who also has licensed trade interests, and Lebreh Ltd, which is associated with the property investor Michael Herbert, now has gross assets of about £340m compared to around £460m in 2009.

Belfast Telegraph