Belfast Telegraph

Half-finished homes for sale as property firm hits trouble

By Clare Weir

Almost 30 half-finished houses have been put up for sale in Downpatrick after the developer's firm went into receivership.

Quoile Crescent at Meadowlands in Church Street, Downpatrick, was developed by Lavelle -amp; McAlinden and includes 27 houses comprising a mixture of three-storey, three and four-bedroomed terraced townhouses and three-bed semis.

The development is now being offered for sale by O'Connor Kennedy Turtle as one lot due to outstanding site works, with offers of £2m invited for all 27 properties.

The sale is being carried out on the instructions of receiver John Hansen of KPMG.

Fergal McAlinden from Rostrevor, Co Down, a founder of Lavelle -amp; McAlinden, based in Newry, was served a creditor's petition in April.

The firm was behind projects in Co Down and Co Armagh, including Knockdarragh in Newry and Oak Grove in Banbridge.

There were also many schemes in the Republic, across Meath, Louth, Dublin and Laois.

Last year Lavelle -amp; McAlinden went into receivership and a half-built project on Belfast's Crumlin Road was put up for sale by Northern Bank.

Meanwhile, it also emerged this week that commercial property agent Osborne King is holding its first auction in more than four years for distressed property.

Residential and commercial properties as well as development land, all for estimated prices of £50,000 to £500,000, will come under the hammer on September 29.

Properties already on Osborne King's books include Ballycastle's Marine Hotel and the CDC Leisure chain of pubs in Belfast city centre.

£2m

The offers invited for the sale of all 27 of the half-finished houses

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