A SITE in Co Tyrone once earmarked for a £30 million race track is to be redeveloped by a new owner.
The former coal and clay pits site in Coalisland was put up for sale in 2019 after receivers were appointed to its former developer.
The Irish News can reveal the new owner is Cormac Og McDonnell, head of the Galbally-based Barrack Hill quarry and heavy plant machinery group.
The company has yet to make its plans for the site public, but the group’s business interests include residential development.
Barrack Hill has now entered the planning process, initially seeking to amend aspects of the original planning approval granted to former owner Manna Developments.
The company is expected to go public with its plans in the coming months.
Headed by Co Antrim man David Henderson, Manna began developing the 183-acre clay pits site in 2017.
The first phase of the project was due to include a 2.2 mile race circuit, pits, medical centre, restaurant, hospitality suites, six business units and a creche.
The company signed a three-year agreement with World Superbike Championship owners Dorna in 2018 to host a round of the global series the following year.
But delays to the project left the developer no option but to delay the 2019 event.
By October 2018, the finance firm which provided Manna Developments with £875,000 to buy the site, called in the receivers.
‘The Route – Finance’, which specialises in short-term secured loans, typically offers terms of just 24 months.
It’s understood the company approved the loan to Manna in July 2015.
According to the finance firm’s website, The Route’s investors “are solely made up of pre-qualified, typically high-worth individuals who are looking for better returns on their capital”.
Documents submitted to Companies House by the receivers from Keenan Corporate Finance show just over £1.5m was eventually paid to the fixed chargeholder in mid-2019.
