THREE OF the North’s biggest property players are behind a new £100 million (€116 million) development plan for Bangor which could have the potential to generate 1,000 jobs during its construction.
The scheme is being promoted through a joint venture and partnership arrangement between Karl Holdings, Greenfarm Developments and Mar Properties.
Details of the multimillion-pound Marine Gardens project, which could transform the Co Down seaside town, were unveiled by the North’s Minister for Social Development, Margaret Ritchie, yesterday.
The proposed scheme includes plans for 236,000sq ft of retail space, office accommodation and more than 200 apartments on the site. It also outlines proposals to develop a 150-bedroom hotel, a 400-seat multi-use arts venue and a family entertainment centre with restaurants.
It is claimed that the scheme, which developers hope to start work on in 2011, has the potential to create 750 permanent jobs when completed.
The overall cost, estimated to be in the region of £100 million, will be met in full by the joint-venture company, Karl Greenfarm Ltd.
It is understood Bank of Scotland (Ireland) is involved in the project but the construction funding package “has not been discussed to date”.
Ms Ritchie said the development scheme could help regenerate Bangor town centre and its waterfront.
While the project has the support of the Department for Social Development and the local North Down Borough Council, it does not have planning permission.
Karl Greenfarm Ltd was appointed preferred developer of the Queen’s Parade site in 2004 and lodged an initial planning application more than four years ago. The latest Marine Gardens proposal marks the culmination of a decade-long debate about the future of the waterfront site.
Mark Rebbeck, a director of joint-venture partner Mar Properties, said the developers had revised their initial proposals “following consultation with the public and the Department for Social Development”.
A new two-week public consultation has just been launched.
Karl Holdings, Greenfarm Developments and Mar Properties previously worked together when they were all involved in the £75 million Obel Tower development in Belfast before Karl Holdings bought out its partners in the Donegal Quay Ltd consortium.
