Northern Ireland

Junction One shopping centre value halved

The Junction One shopping centre near Antrim is now worth less than half of it what it was valued at two years ago.

The details are contained in the 2011 accounts of Junction One Ltd which have recently been filed at Companies House.

They show that the centre was independently valued at just over £30m in November 2011; in 2009 it was valued at almost £80m.

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

Junction One Ltd has Ulster Bank borrowings of more than £48m.

A note in the accounts states that those bank facilities have expired but directors have a "reasonable expectation" that they will be renewed.

In total the company's liabilities outweigh its assets by £27m.

The centre opened in 2004. It was jointly developed by local firms the Kennedy Group and Valto as well as two Scottish companies.