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Greencastle set for €7.5m holiday
village
04.11.08
Developer set to
convert unsold complex
GREENCASTLE is set for a multi-million euro
investment with plans by a property developer to
turn an unsold development into a €7.5m holiday
village.
Francis McAuley hopes convert Milltown Harbour into
a luxury holiday complex complete with supermarket,
cafe, children's playground and a hair and beauty
salon.
The Limavady-based developer is frank about the
reasons behind the proposed conversion of the site
in the heart of the village. He said the nine
townhouses and seven apartments that went on the
market earlier this year, failed to sell due to the
property crash.
"It's just the nature of the economy at the present
time. Things got to a totally unsustainable level
and it couldn't go on," said Mr McAuley, who is a
director of Colum McAuley Builders Ltd. |
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With the townhouses and
apartments failing to sell, even after a
considerable price drop, he decided to stop work on
the unfinished site and consider his options.
"The possibility we have open to us now is to turn
Milltown Harbour into a holiday village. People
don't have the money to buy holiday homes which are
a luxury. |
We will give them the
option of renting one for a fraction of the cost and
it's also a way of generating cash from the site."
Mr McAuley, who himself owns a holiday home in
Drumaweir, Greencastle, admits that 'white elephant'
developments do nothing for a locality's image.
"Lying empty it creates the wrong impression for
Greencastle as well as the development, so we would
rather it be turned into a facility for the area."
He has put his plan to the banks which are currently
assessing the viability of the project. He has also
had discussions with Discover Ireland and a number
of supermarket chains with a view to a franchise.
He estimates that he will have to pump in around €1
million to convert the scheme to the Milltown
Harbour Holiday Village. Combined with what he has
already spent at the site, the total development
will be worth around €7.5m when finished, he said.
He also hopes the retail end of the development
including supermarket and cafe will also be a
welcome facility for local residents.
"In this economic climate, you have to think outside
the box. There's no point in saying it's all doom
and gloom. You have to be proactive and that's what
we intend to be in relation to Milltown Harbour," he
added. |
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