Zoned Industrial Land to a High Value, High Density Residential Scheme

06 December 2018
Zoned Industrial Land to a High Value, High Density Residential Scheme
Frazer Kidd acting as Fixed Charged Receivers have successfully disposed of the above-mentioned development site situated in Omagh, Co Tyrone. The site which is located at the new Strathroy Road Link Road was zoned as Industrial Land at the time of being appointed as FCRs.

 

We quickly realised the development potential for the site given its close proximity to the £160 million pound Shared Education Campus, which proposes to accommodate over 4,000 post-primary pupils.

We entered into negotiations with Transport NI as a strip of land through the middle of the site had been earmarked for the proposed Link Road. It was critical that a pragmatic solution was found to obtain access to the site. To enable future development we therefore successfully negotiated an Article 122 Agreement granting road access to the site from both sides of the link road. 

Working alongside TSA Planning we assisted with the planning application which resulted in receiving Outline Planning Permission for 154 Residential Units.

The property was then placed on the open market For Sale and as expected we received strong interest from local and GB developers, resulting in a competitive bidding process.

The property was sold in October 2018 in excess of the asking price of £850,000.