Northern Ireland

Outlet, Banbridge, centre owner in £4m loss

Outlet, Banbridge
Image caption The centre's value fell by about £5m

The Ulster Bank company which owns The Outlet centre in Banbridge made a loss of £4m in 2011.

The loss arose because the value of the centre fell by a further £5m; it is now valued at just over £21m.

West Register (Northern Ireland) Property took control of the centre from the Orana Group in March 2011.

Ulster Bank and its parent RBS have a group of companies under the West Register umbrella which hold properties the bank hopes will recover some value.

The Outlet is the sole asset of West Register (Northern Ireland) Property.

The accounts show that it earned £1.85m in rents with other operating income of £471,000.

Its operating costs were £1.36m, giving an operating profit before revaluation losses of about £960,000.

Two other Northern Ireland-registered West Register firms have also published annual accounts.

WR (NI) Property Investments showed an annual profit of £145,000.

A note in the accounts states that it bought four property portfolios in the UK during 2011.

During 2012, it has added a further three properties: a hotel in York for which it paid £9.2m; an office building at Airport Road West in Belfast for which it paid £1.3m and what is referred to as the 'Taylor Portfolio' for which it paid £2.24m.

The firm has total property assets of more than £18m.

The other firm WR (NI) Property Realisations did not trade during 2011 but a note in the accounts states that the directors "anticipate that there will be change in the level of activities of the company in the foreseeable future".

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