BY HARRY WALSH
TWO major retails parks in Letterkenny form part of the property portfolio owned by local developer Patrick J Doherty and another Irish developer, Newbay, that have been placed into receivership.
Mr Doherty developed the multi million euro 15-acre site near the junction of Paddy Harte Road and Canal Road on the edge of the town. Leading Irish retailer Dunnes Stores is the anchor tenant, while in the weeks leading up to last Christmas Smyths Toys and Cost Plus Sofas both opened outlets within the complex which is made up of 22,500 sq m of retail space as well as 1,150 sq m of office space in two units plus 18 flats.
Mr Doherty has also developed the Letterkenny Retail Park project nearby at Paddy Harte Road. Tenants include M&S, Argos, TK Maxx and Next.
Sligo Retail Park hosts well known brands such as Homebase, Curry’s, PC World and Halfords.
Receiver KPGM was appointed by Bank of Ireland to manage Newbay Doherty Properties inside the past week.
Nobody from Patrick J Doherty’s company headquarters in Coshclady, Derrybeg would comment yesterday morning and directed queries to KPMG.
It is understood that the appointment of a statutory receiver to Newbay Doherty Properties does not affect Patrick J Doherty & Son Ltd Building Contractors, Plant Hire, Builders Suppliers and Rental Property which is also owned by Mr Doherty.
A well established company in the building trade, Patrick J Doherty & Son Ltd have developed An Chuirt Hotel and Leisure Centre as well as a number of residential housing developments including Ballymacool Housing Estate, Cotteen, Meenderrygamph and Falcarragh. They also operate the Dodge nightclub in Gaoth Dobhair which has been temporarily closed for repairs.
The news comes as it was confirmed yesterday that seven Donegal companies have gone into liquidation since the start of the year.
Mr Doherty became the first person to win the Letterkenny Businessman of the Year for a second time in 2005 after winning the prestigious award in 1992.