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PJ1977

Things Not Looking Up In Omagh?

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Only just noticed this but Shergrim Properties in Omagh was placed into adminstration in June.

It was a property company controlled by the Cunningham family who are better known as the owners of Strathroy Dairy. Shergrim was incorporated back in 1999 but of late its main asset has been the old Nestle site in Omagh.

Although its known as the Nestle site it was last used by Lakeland Dairies in 2004.

The Ulster Herald reported Lakeland sold the 10.75 acre site to Heron Bros of Draperstown for £4.3m who got outline pp for a residential scheme of 161 units and then flipped it to Shergrim in 2006. The asking price then was £9.6m.

I think there have been subsequent planning apps but nothing came of them.

The company's last set of abbreviated accounts to year ended March 08 noted that liabilties outweighed assets by £1.7m which compared to shortfall of £512k for the year before. The auditor noted this created a "material uncertainty" which may create doubt about its going concern status. The amount falling due to creditors within one year was £18.9m, which we can assume is mainly bank debt.

He also noted that banking facilities were due for review at the end of 08 so the bank were happy for things to stagger along for another couple of years.

The Strathroy Dairy business is unaffected.

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Only just noticed this but Shergrim Properties in Omagh was placed into adminstration in June.

It was a property company controlled by the Cunningham family who are better known as the owners of Strathroy Dairy. Shergrim was incorporated back in 1999 but of late its main asset has been the old Nestle site in Omagh.

Although its known as the Nestle site it was last used by Lakeland Dairies in 2004.

The Ulster Herald reported Lakeland sold the 10.75 acre site to Heron Bros of Draperstown for £4.3m who got outline pp for a residential scheme of 161 units and then flipped it to Shergrim in 2006. The asking price then was £9.6m.

I think there have been subsequent planning apps but nothing came of them.

The company's last set of abbreviated accounts to year ended March 08 noted that liabilties outweighed assets by £1.7m which compared to shortfall of £512k for the year before. The auditor noted this created a "material uncertainty" which may create doubt about its going concern status. The amount falling due to creditors within one year was £18.9m, which we can assume is mainly bank debt.

He also noted that banking facilities were due for review at the end of 08 so the bank were happy for things to stagger along for another couple of years.

The Strathroy Dairy business is unaffected.

so buying a large site at the top of the market

may not have been one of eamons smartest moves?

rock on!

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so buying a large site at the top of the market

may not have been one of eamons smartest moves?

rock on!

To be fair he has been a very tough, driven and successful businessman for a very long time. But no so much in property.

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so buying a large site at the top of the market

may not have been one of eamons smartest moves?

rock on!

Think you may look to the next generation for blame here

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beeb now running the milk sheiks story

http://www.bbc.co.uk/news/uk-northern-ireland-11056905

rock on!

They should be paying me commission.

Anyway, what have we learned?

On Shergrim's best case scenario, which seems to be based on Nama-style LTEV voodoo, Ulster still loses £600k.

Clearly Ulster and FGS belive that to be wildly optimistic and FGS have got a man in to work out what will happen if you try to sell 500 odd units in Omagh in the next eight years.

It's almost certain that Ulster have already provisioned for a hefty loss here, probably in region of £8m to £11m.

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On the basis of just four developments I know about there are currently almost 1000 units in Omagh with full pp. How long before that lot gets built and sold given there must be only 22,000 odd people in Omagh.

In addition to the Shergrim stuff above, there's Derek Harrsion's former site (40 units), J&L Developments/BoSI (368 units) and another 50 at Knocknamoe Park (though to be fair that is in Killyclogher)

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  • 140 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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