Northern Ireland residential property developer, Hagan Homes, is set to construct 40 residences in a £5m project on the site of The Salmon Leap, a former restaurant in Co Londonderry. This development is set to create 50 construction jobs.
This work is being undertaken by Eglinton based subcontractor, Nollam Contracts Ltd.
The Salmon Leap, off Castleroe Road in Coleraine, was a well-known a bar and restaurant. However, the venue closed their doors in 2006.
This site was to be transformed into housing by Pat Devine Homes. However, the company ceased work on the land during the property crash. Subsequently this resulted in a so-called ghost estate.
It is believed around 14 homes are half-completed with Hagan Homes planning to finish them and construct a further 26 residences.
Hagan Homes also completed 24 dwellings at Scotch Quarter in Carrickfergus earlier this year. This was another abandoned site after the property downturn by its original developers. Hagan Homes went on to sell the residences to Habinteg Housing Association.
Phase one of the Salmon Leap is due to be completed this month with prices starting from under £100,000. The residences will range from two-bed apartments to five-bed detached houses.
Managing director of Hagan Homes, Jamesy Hagan, said: “The previous owners of the Salmon Leap site in Coleraine had started construction several years ago, but unfortunately had to suspend all development due to the property crash. As a result there were 45 fully completed homes and 14 partially completed units in place when we acquired the site.
“We are now completing those 14 homes and starting construction of an additional 26.”
He said there was strong demand for good quality, affordable homes.
This announcement comes after the news that Co. Derry company Braidwater are to construct over 400 houses in the city over the next three years.
Braidwater is constructing 219 at Birch Hill and a further 200 north of the city in Skeoge.
The company has said that these units will be private housing.
Braidwater said local suppliers would provide the materials for these two projects and that approximately 30 sub-contractors would be employed during its construction.
Work on the two sites is due for completion by 2020. Braidwater said it represents only one-fifth of the £300m that they plan to devote to long-term projects in the North West.
Managing director of the Construction Employers Federation, John Armstrong, hailed the news as a lift to housing in Derry.
He said a swell in housebuilding over recent years had been largely enjoyed by the east of the province, continuing that housebuilders were now building in larger numbers. “Up until now, the numbers of housebuilders building more than 100 new homes a year has been falling dramatically, but now we are seeing a welcome increase in companies who are building large numbers of units of housing.”