Receiver puts three repossessed properties up for sale

Three properties in Belfast and Larne, which were repossessed by Anglo Irish Bank from a leading Northern Irish developer, have now been put up for sale.

In May of this year AIB appointed a receiver for the properties: two office blocks in Belfast and a Larne retail park, owned by Dungannon-based Jermon Developments.

The property in Larne is the Lahara retail park, totalling 63,000 sq ft and situated near the Lidl supermarket in the town. The Belfast developments up for sale are Killymeal House in the Ormeau Gasworks, and Fanum House and Filthy McNasty’s pub on Great Victoria Street.

These properties represent only a small part of Jermon’s portfolio. The developer, which was set up by Peter Dolan in 1997, will retain most of its properties.

Jermon’s first large project was the development of the first purpose-built Tesco in Northern Ireland, located in Dungannon. During the property boom the company expanded internationally, buying properties in London, Scotland and eastern Europe.

At present Jermon is involved in a project, valued at £25 million, to redevelop the town centre of Dumbarton in the west of Scotland.