Losses have risen at several companies related to Titanic Quarter development in Belfast, which describes itself as “one of Europe’s largest urban waterfront regeneration projects”.
The companies, which are controlled by Dermot Desmond and Pat Doherty, the Harcourt Developments founder, is involved in the development of the 161.5-acre site at the Titanic Quarter in Belfast.
To date, £658 million (€791 million) has been invested in mixed-use projects at Titanic Quarter, according to the company accounts, which is up from the £470 million cited in last year’s financial statements.
According to the Titanic Quarter project’s website, the full cost of the capital investment could rise to £1.9 billion by 2035.
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The developments in recent years have included a new financial services centre, premises for the public records office of Northern Ireland, a number of hotels and car showrooms, an Amazon logistics unit, as well as apartments and retail developments.
One of the companies involved in the development, Titanic Property Developments Ltd, made £8.8 million in 2023 from the sale and rental of properties, up from £6.1 million the year before.
After costs and expenses, it had a loss for the year of £485,753, down from £2.4 million the year before. Its accumulated losses stood at £12 million.
The company had developments worth £21.8 million, the accounts show, and it owed its creditors around £55 million, including £2.3 million in bank loans, £19 million to an entity controlled by Mr Desmond, and £31.7 million to “related parties” in the group.
That company is involved in the construction of a 778-unit residential scheme called Loftlines as well as the construction of the 228-bed Hamilton Dock Hotel, which will be operated under the Marriott brand.
The directors note in the accounts that these “proposed developments are key elements in the ongoing realisation of the Titanic Quarter Master Plan”, and that the company was “well positioned to actively pursue its development objectives and maximise the commercial opportunities presented to it” under the master plan.
Another company in the group, Titanic Quarter Ltd, saw its accumulated losses rise in 2023 to £38.7 million from £37.5 million, after the company made a pretax loss for the year of £1.2 million. That loss was down from the previous year’s deficit of £3 million.
The company was sitting on development land worth £21.8 million, and it owed its creditors nearly £35 million, including sums owed to entities linked to Mr Desmond and entities controlled by Harcourt.
Accounts for a company called Titanic Properties Limited show that it had development properties worth £10.1 million, £2 million in cash, and £17.1 million in accumulated profits.
Another company, called Titanic Office Developments Ltd, had assets worth £12 million, up from £10 million the year before. It owed its creditors £15.2 million, of which £4.4. million was owned to group undertakings, with £10.6 million owed to related parties, mostly entities linked to Mr Desmond.
Another company, Titanic Trademark Ltd, had accumulated losses of £12.7 million, its accounts show. Titanic Quarter was contacted for comment.
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