For a man who claims to be a property investor as opposed to a property developer, Paddy McKillen certainly spends a lot of time managing the construction of new buildings (or extensions) and renovation of existing property. Today we learn that the planning authorities in Northern Ireland have given the green-light to Paddy’s company to build a major new extension to the Ards Shopping Centre in Newtownards in countyDown (pictured above).
Belfast Office Properties Limited will develop the site. This company, where 57-year old Paddy is a director along with long-term business associate Padraig Drayne (50) and 91-year old Kevin Drayne. is actually owned by another company, Cashel Developments Limited, which is in turn 50:50 owned by Paddy and Padraig.
The GBP 50m (€62m) extension will provide nearly 250,000 sq ft of gross space and 130,000 sq ft of retail space. According to the statement from Northern Ireland’s environment minister Alex Atwood “the project will also involve the partial demolition and considerable internal re-configuration of the existing centre”. The project will create 500 construction jobs and a further 1,000 retail jobs when the new stores are opened. The press statement doesn’t appear to be on the Department of the Environment website here yet.
NAMA may not be best pleased as a NAMA developer Castlebawn Limited had also attempted to develop a competing 800,000 sq ft retail park in Newtownards. The feasibility of that scheme won’t be helped by the decision today.
With news from London on Tuesday that Paddy (pictured below) is to pay about €25m of legal fees in his failed recent court battle with the Barclay twins – stemming from a judgment that Paddy may appeal – Paddy may need every penny and cent he can lay his hands on…