Northern Ireland

Junction One shopping centre value falls 90% in five years

Junction One Image copyright ©Ross/CC Geograph
Image caption The Junction One centre is now valued at under £8m

The Junction One shopping centre near Antrim is now worth less than 10% of what it was valued at in 2009.

The details are contained in the latest accounts of Junction One Ltd, which cover the 18 months to March 2013.

They show that the centre is now valued at £7.85m, compared to a valuation of almost £80m in 2009.

Virtually all commercial properties in Northern Ireland have seen their values fall as a result of the property crash.

The latest fall in the value of the centre follows a revaluation in May 2013 that saw a chartered surveyor reduce the value from £30.3m to £7.85m.

Junction One Ltd has Ulster Bank borrowings of more than £48m and its liabilities outweigh its assets by almost £52m.

Junction One Ltd is partially under the control of an administrator after one of the company's shareholders was placed into administration last year.

Valto Ltd went into administration in October as part of a restructuring of property assets controlled by brothers Shamus and Francis Jennings.

Company documents suggest that Valto has 50% of the shares in Junction One Ltd.

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