Owners of largest Belfast building in administration

Lauderdale Properties, owners of the largest building in Belfast city centre, have been placed into administration.

The company purchased the commercial property on Bedford Street in 2007, and it was thought that the Windsor House office block would be converted into residential apartments. Lauderdale Properties was owned by developer Ray Grehan and P Elliott construction group, both based in the Republic of Ireland, and both now facing huge financial problems as a result of the collapse of the property market there.

P Elliott was placed in receivership in May of last year with debts totalling 500m Euros. Mr Grehan was declared bankrupt 7 months later with debts to Nama totalling 300million Euros. The Windsor House property in Belfast was purchased with a mortgage from Bank of Ireland, and it is suspected that the Bank has called in the administrator.

If you are considering the purchase, sale or leasing of a commercial property in Belfast or anywhere else in Northern Ireland, contact one of the commercial solicitors at Wilson Nesbitt for legal advice by calling 0800 840 9294.

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