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12/03/2009
Housing Boost For Belfast As Taggart Lands Sold
Plans to build 900 new homes in the Belfast area could generate up to 400 construction jobs, it has been revealed.
The Dermont Group said it intends to build the properties after acquiring lands from one of Northern Ireland's largest building group, which went into administration last year. Five sites, as well as a share in a sixth, were sold off by a division of the Taggart Group after sustaining business losses.
The Dermont Group now holds 87 acres of the land, 84 acres of which are within seven miles of Belfast city centre.
Most of the land has outline or full planning permission for residential accommodation.
Work on the first phase of 500 new homes at Dundonald and another 220 at Cairnshill in south Belfast is expected to begin next month. More than 100 properties will follow at Carryduff.
Administrator Garth Calow from PricewaterhouseCoopers said: "I am delighted that through this administration process we have been able to conclude a sale to the Dermont Group.
"The sites within this land bank are all in prime residential locations and in the past have been the subject of considerable interest from potential developers and investors."
Mr Calow added: "Successfully disposing of these sites in a single transaction will enable the release of value for creditors.
"With development work due to commence across these sites, this sale will also make a positive contribution to stimulating activity in the local house building and residential property markets."
(PR/JM)
The Dermont Group said it intends to build the properties after acquiring lands from one of Northern Ireland's largest building group, which went into administration last year. Five sites, as well as a share in a sixth, were sold off by a division of the Taggart Group after sustaining business losses.
The Dermont Group now holds 87 acres of the land, 84 acres of which are within seven miles of Belfast city centre.
Most of the land has outline or full planning permission for residential accommodation.
Work on the first phase of 500 new homes at Dundonald and another 220 at Cairnshill in south Belfast is expected to begin next month. More than 100 properties will follow at Carryduff.
Administrator Garth Calow from PricewaterhouseCoopers said: "I am delighted that through this administration process we have been able to conclude a sale to the Dermont Group.
"The sites within this land bank are all in prime residential locations and in the past have been the subject of considerable interest from potential developers and investors."
Mr Calow added: "Successfully disposing of these sites in a single transaction will enable the release of value for creditors.
"With development work due to commence across these sites, this sale will also make a positive contribution to stimulating activity in the local house building and residential property markets."
(PR/JM)
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Northern Ireland WeatherToday:A chilly start with a widespread frost and some freezing fog, any freezing fog slow to clear. Otherwise bright with sunny spells and coastal showers. Light winds. Maximum temperature 6 °C.Tonight:Coastal showers dying out with a widespread frost developing along with freezing fog, which could become extensive. Winds remaining light. Minimum temperature -3 °C.
