26 March 2015

Shopping village sold to developer for £5.5m has ‘fantastic potential’


A designer shopping village in Co Tyrone has been sold by a US fund for a cool £5.5m price tag.

The Linen Green in the village of Moygashel was snapped up by London-based Neptune Group after its original developer went bust in the downturn.

The shopping village outside Dungannon was marketed for sale with a £5m asking price by commercial property agents CBRE.

It’s understood the new owners paid £5.5m for the picturesque development.

It is home to high-end retailers including Bedeck, Ulster Weavers, Foxford and the Lingerie Room.

Its coffee shops and restaurants are also a major draw.

Neptune Group director Patrick Heffron said: “The Linen Green is one of the premier boutique retail outlet destinations in Northern Ireland.

“It has an impressive footfall and has the advantage of being located a very short distance from junction 15 of the M1 motorway and within 45 minutes drive of 90% of Northern Ireland’s population.”

Mr Heffron added: “We feel that the scheme still offers fantastic potential and we plan on adding to the already vibrant tenant mix by repositioning it to create a really exciting retail experience.”

Roger Burton, the DUP mayor of Dungannon & South Tyrone Council, welcomed news of the sale. “I view the Linen Green as a great asset to the area and anything that makes its future a little bit more secure, and helps it grow and prosper, is good news for Dungannon.”

Dungannon man Peter Dolan’s loans had been absorbed into the Republic’s bad bank Nama – which sold debts held by Northern Ireland-based borrowers to US fund Cerberus almost one year ago.

As well as the Linen Green, Mr Dolan, who started out as a pharmacist, built a 40,000 sq ft Tesco in his home town.

He also amassed a significant portfolio of office and retail property in Belfast, including the Scottish Mutual Building and Donegall Arcade.

Mr Dolan’s Jermon empire of companies also extended into Poland – but from 2007 onwards, he lost control of his empire as lenders repossessed his properties.

Nama sold the Scottish Mutual Building to Tullymore House, owners of the Galgorm Resort & Spa.

Neptune Group is based in London and specialises in urban regeneration. It is already redeveloping the former Belvoir Park Hospital site, which it bought last year for £4.4m.

The group is marketing the houses to be built on the site off-plan, describing them as “Edwardian-inspired homes set in beautiful Lagan Valley parkland”.

View this and more articles on the Belfast Telegraph.

Caption: Linen Green shopping complex in Moygashel

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