Mon, 09 Aug 2010 | BUSINESS SALE
The future of Newry's Albert Basin is closer to being decided, according to Newry and Mourne District Council.
The Albert Basin site, which is situated between the Clanrye River and Newry Canal, has become particularly significant in the eyes of commercial property developers due to its strategic location directly opposite the multi-million pound Quays Shopping Centre development.
The council-owned land was advertised for sale at the beginning of March this year and a number of bids have been submitted. It has been revealed that two of those bids have been shortlisted.
One of the bids came from tycoon Dr Gerard O'Hare's property development and investment firm Parker Green International. The firm already owns the Quays shopping centre and has offered £10 million for the Albert Basin site on an earn-out basis over ten years. O'Hare also offered to assist Newry and Mourne council in developing the Meadow leisure complex.
The council has agreed to arrange a meeting with one of the bidders to clarify details of their proposal. The meeting is expected to take place in September.
Dr O'Hare said, “This is a great opportunity to get this important site going at last and to start to build our city.”
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