A CO Tyrone businessman has moved ahead with a multi-million pound housing development next to the new shared education campus in Omagh.
Farasha Properties Ltd has lodged a planning application with Fermanagh and Omagh District Council seeking permission to build 116 houses on the site located opposite the Strathroy Dairy plant.
The company is owned by Peter O’Donnell, the south Tyrone businessman who sold his lucrative Benburb manufacturing business O&S Doors to private equity firm Sun European three years ago.
In recent years, Mr O’Donnell has been active as a property investor, primarily through his companies Syerla, named after the road he lives on, and Farasha.
The 17 acre site in Omagh was placed on the market two years ago by property firm Frazer Kidd, with outline planning permission for 154 residential units.
At that time, offers were being invited in the region of £850,000.
The site is located next to the new 1km Strathroy link road, which has been developed to considerably open up traffic access from the A5 on the north side of Omagh, to the new education campus under development at the former Lisanelly British army base.
The education project, originally due to open in 2020, is now delayed until at least 2024. To date, Arvalee School and Resource Centre, is the only school on site.
When complete, the site will be home to six schools and around 4,000 pupils.
Farasha Properties’ application, submitted on Tuesday, has down-sized the number or residential units proposed for the site. However it would see 26 detached houses built, alongside 74 semi-detached and 16 terraced homes.
The application also provides for a foul water treatment plant, pumping station and landscaping.
Industry monitor Construction Information Services Ireland, puts the estimated value of the project at around £10.5m.
