Peer-to-peer funding specialist F&P Sponsors has agreed to part-finance the building of a motorcycle track on a landfill site that has already secured the upcoming World Superbikes event.
In what has been dubbed a "field of dreams" story, the Lake Torrent circuit at Coalisland in Co Tyrone is the brainchild of David Henderson from Manna Developments.
The global motorbike racing series is due to visit the circuit next year and has signed a deal to come back for 2020 and 2021.
The track’s owners have promised to create hundreds of jobs, build a local bypass, and a facility that will include a restaurant, hospitality suites and business units.
Mr Henderson approached the UK-based F&P to raise £1.5 million (€1.7 million) over a two-year term to part-finance the scheme.
According to the company, which has been involved in about 15 Northern property developments, the money will be used to repay an existing loan taken to acquire the site.
Former brick clay pit
The 181.3 acre site was a former brick clay pit with arable land attached and is currently generating revenue from inert landfill operations and shale clay extraction.
"The redevelopment of this brownfield site has so many potential benefits, not only to the local community through employment for the landfill, but also through the construction of the racing circuit and tourism that this will generate," said Ivor Freedman, director of F&P Sponsors.
Landfill operations are due to continue after the track’s completion and are expected to provide income for years.
F&P believes plot sales to businesses and equity sales will finance the construction of the circuit.
It is intended that the interest will be repaid by the landfill and shale revenue, and the capital will be financed from land and plot sales.
A survey of the site was carried out for lending purposes in November 2017 by Hannath, which put a valuation of £2,250,000 (€2,549,000) on the entire estate.
