Newry and Mourne District Council is moving closer to making a decision on the future of the city's historic Albert Basin site.

In what could still provide a major fillip for the local construction industry, bids are now being reviewed for the site situated between the Clanrye River and Newry Canal and has become significant because of its strategic location directly opposite the multi-million pound Quays Shopping Centre development.

The council-owned land was advertised for sale at the beginning of March this year.

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Parker Green International, Newry-born tycoon Dr Gerard O'Hare's property development and investment firm, owns the Quays and has offered £10m for the Albert Basin site on an earn-out basis over ten years.

The firm also offered to assist Newry and Mourne council to develop the Meadow leisure complex.

A meeting is expected to take place in September to make the decision which could kick-start a multi-million building project.

The property company has recently secured a a huge financing deal to help fund part of its development of a new shopping complex in Slovakia.

Two banks, based in Slovakia and Austria, have agreed to lend €40m to Parkergreen International for the project in Tvarna.

Parkergreen International, set up by property developer Gerard O'Hare, owns the Quays Shopping Centre in Newry.

Mr O'Hare said that he had every confidence in the new project.

(BMcC/GK)