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14/10/2011
Bangor Redevelopment 'On Track'
Plans for the Bangor regeneration remain on track despite financial problems incurred during the scheme.
According to the Department of Social Development (DSD) the Queen's Parade development, which has been ten years in the planning, is making progress.
Concerns emerged when, MAR Properties, part of the trio developing the project, reported a £22m annual loss and its auditors said there was "significant doubt" about the firm's ability to continue.
However the DSD is satisfied the consortium can deliver and expects to sign a development agreement early next year.
A DSD spokesman said the department was aware that MAR, "like many other property companies, is facing financial challenges in the short term due to the current state of the property market."
However, he added that DSD was satisfied that those challenges did not present any risks to the delivery of the scheme.
He said DSD had undertaken "a detailed financial due-diligence examination" of the consortium and is satisfied that it has the financial and management capability to deliver.
Negotiations between DSD and the consortium are continuing which DSD said should lead to the signing of a development agreement in April or May 2012.
The redevelopment of Bangor Seafront represents an investment of £100m and is considered critical to the revitalisation of Bangor town centre.
Former Social Development Minister, Margaret Ritchie, launched the proposals on Wednesday 10 June, 2009.
It is understood that the scheme when completed will include a 236,000 sq ft of retail across 60 units, 53,000 sq ft of office space, more than 200 residential units, a 120-150 bed hotel and a 400-seater arts, performance and convention space.
Meanwhile a promenade, an outdoor performance space, public parks and tourist facilities are also included in the funding.
(LB/BMcC)
According to the Department of Social Development (DSD) the Queen's Parade development, which has been ten years in the planning, is making progress.
Concerns emerged when, MAR Properties, part of the trio developing the project, reported a £22m annual loss and its auditors said there was "significant doubt" about the firm's ability to continue.
However the DSD is satisfied the consortium can deliver and expects to sign a development agreement early next year.
A DSD spokesman said the department was aware that MAR, "like many other property companies, is facing financial challenges in the short term due to the current state of the property market."
However, he added that DSD was satisfied that those challenges did not present any risks to the delivery of the scheme.
He said DSD had undertaken "a detailed financial due-diligence examination" of the consortium and is satisfied that it has the financial and management capability to deliver.
Negotiations between DSD and the consortium are continuing which DSD said should lead to the signing of a development agreement in April or May 2012.
The redevelopment of Bangor Seafront represents an investment of £100m and is considered critical to the revitalisation of Bangor town centre.
Former Social Development Minister, Margaret Ritchie, launched the proposals on Wednesday 10 June, 2009.
It is understood that the scheme when completed will include a 236,000 sq ft of retail across 60 units, 53,000 sq ft of office space, more than 200 residential units, a 120-150 bed hotel and a 400-seater arts, performance and convention space.
Meanwhile a promenade, an outdoor performance space, public parks and tourist facilities are also included in the funding.
(LB/BMcC)
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