Northern Ireland

Neptune Group buys The Linen Green, Moygashel

Linen Green Moygashel Image copyright Henry Clark/CC Geograph
Image caption The Linen Green was first developed as a designer outlet in the early 1990s

A London property company has bought a retail outlet in County Tyrone, which had been for sale for £5m after being repossessed by the Irish government's 'bad bank'.

The Linen Green in Moygashel changed hands for "an undisclosed sum" to the Neptune Group.

The company, which has a number of residential projects in Belfast, said it plans to "rejuvenate" the outlet.

As well as shops, it also has restaurants and offices.

"We feel that the scheme still offers fantastic potential," said Patrick Heffron, director of the Neptune Group.

The Linen Green was first developed as a designer outlet in the early 1990s.

It was formerly owned by Jermon Developments, which collapsed in 2011, before being placed on the market by the Republic's National Asset Management Agency (NAMA).

Last year, NAMA's entire property portfolio was sold to the international investment firm, Cerberus Capital Management, based in New York, for more than £1bn.

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