Omagh Developments is drawing up plans for its first major commercial scheme, an industrial estate on the edge of the Northern Ireland town of Omagh.
The first phase of the project will comprise 14 units on seven acres. The units will average about 4,000 sq ft each, of which about 1,500 sq ft will be first floor offices.
G & P Building Designs is designing the units and its director Ashley Peace said that, while not ruling out letting deals, the units will be aimed principally at the owner-occupier market and will be the first of their kind to be developed in the town.
“Up to now most industrial units in the area are aimed at larger firms,” he adds.
With the increasing appetite of Irish entrepeneurs and executives for property investment, those with storage and office requirements are increasingly opting to buy rather than rent.
With no market precedent for these types of units in Omagh, Peace was reluctant to indicate prices for the units.
However it is believed that they could fetch upwards of £350,000 each, which would value the initial project at least £5m.
Located near Bankmore Road, the project will be the first major commercial property undertaken by Omagh Developments which also has a small housing estate underway in the town.
References: EGi News 04/01/06
