• MAJOR INVESTMENT IN BLAYNEY AS… €32M SHOPPING COMPLEX AND CAR PARK SOLD FOR “LESS THAN BOOM” VALUE

8 July 2016 No Comments by The Northern Standard

By PATSY McARDLE

SPECULATION was rife in Castleblayney during the past week over the future development of the town’s former shopping complex and car park, off New Street, which were developed by local businessman Mr. Jim McConnon.

It it emerged last Thursday that the property, which was placed in receivership by Zurich Bank, went under the auctioneer’s hammer.

It was reported that reserve estimates of between €320,000 and €440,000 were placed on the shopping complex, with the adjacent car park area of 2.27acres of land separately valued at €70,000.

However, it was claimed, the exact sale price was indeed only a fraction of the €32 million which was described as the “boom value” of the property in 2007.

Initially, the Allied Irish Bank financially supported the development of the business by Mr. McConnon, who spearheaded the expansion of his shopping centre in 2004 but the bank then withdrew its financial support for the project in 2006, with Zurich Bank taking over the funding arrangements and extending a loan of €32 million to Mr. McConnon.
It is understood the Castleblayney property was sol
d, prior to being offered for auction, on Thursday by Allsop auctioneers…
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