Apr
10

TDK to advise on valuation and marketability

TDK have been appointed by North Down Borough Council to advise on the valuation and marketability of key sites within North Down

The sites included within the instruction include, 4.5 acres Kerr Park Holywood (currently home of Holywood Rugby and Cricket Club) and 0.7 acres at Property at Hamilton Road Bangor, including Hamilton House and Sea Scout Hall.

Both of these properties have been brought on to the market by TDK today with the receipts from the sale being earmarked to fund new council sport and community facilities.

The sale of the property at Hamilton Road will be used to fund a new council community facility. North Down Borough Council wish to develop a community and advice service facility including two main halls, and various minor halls, on existing Council land at Hamilton Road, Bangor. It is envisaged that the facility will cost in the region of £1.2ml to build.

Regarding the Hamilton Road site it is the Council’s preference to sell the land. It is an important development for the council. The council realise in the current economic environment that it will be challenging to sell the property on Hamilton Road. That is why in order to achieve their desire to complete the community facility they are prepared to consider a partnership agreement with a builder or developer that would in the medium term lead to the development of the land and the new facility, this is an innovative way for the council to consider procuring the facility

The Holywood site is a fantastic location and one that even in current economic conditions we are confident will be of interest to investors and occupiers. It is possible that the interest may not be for residential use so to this end we are happy to receive offers on a subject to planning basis. We are hopeful we will receive offers over our asking price of £ 5,000,000.

Holywood Rugby and Cricket Club will benefit from the sale in that they will move to new council funded facilities near by.

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