Jacqueline Dolan ?

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Peter Dolan and Jacqueline Dolan - timesonline.co.uk

Jermon Developments, the Northern Irish property company owned by Peter Dolan, 45, bought an old military base and airport in Hungary and plans to spend £160m converting it into one of the region's biggest cargo hubs. Jermon, based in Dungannon, has an extensive portfolio that includes Belfast's Donegal Arcade and the Spires retail park in Armagh. Jermon has also teamed up with Heatons, the Irish department store group, in Poland. In 2006-07, Jermon showed net assets of £49.5m. It is owned by managing director Dolan and his wife, Jacqueline, 44, also a director. We put the Dolan family wealth at £38m.

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Jermon Developments - Peter Dolan and Jacqueline Dolan

head office
16 northland row
dungannon
co. tyrone bt71 6ap

t. +44 (0)28 87 727717
f. +44 (0)28 87 727764

Belfast Office
fanum house
108-110 great victoria street
belfast bt2 7at

t. +44 (0)28 90 244388
f. +44 (0)28 90 244395

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Jermon Developments - Peter Dolan and Jacqueline Dolan

jermongroup.com

Jermon Developments has grown its office portfolio in recent years and now owns some of Northern Ireland’s most important office development sites – particularly Meridian Plaza in Belfast city centre (85,000 sq ft/ 7900 sq m) – currently home to Fanum House with Sky TV, RTE, PWC and the Irish Times as tenants, with plans for further extension of offices and retail on the site. The group have just purchased the landmark Scottish Mutual building in Belfast, a listed building comprising 6 floors and there are development plans afoot to extensively refurbish the building itself.

Jermon has also developed offices across Northern Ireland and these have included key locations in Belfast such as 1 Potthouse Lane in Cathedral Quarter and the Bartholomew and James Building in Linenhall Street. See panel (right) for further details and opportunities

College campus to open in town - Peter Dolan and Jacqueline Dolan

lennoxherald.co.uk

Apr 23 2008 By Marc McLean, Lennox Herald

COLLEGE students will soon be learning in Dumbarton town centre, as developers prepare to open up a new central campus.

Hairdressing, beauty therapy, and hospitality and catering are among the courses that will be on offer in the former Co-op building.

Belfast-based Jermon Developments has been restoring the building over the past six months and will soon complete its first phase of refurbishment.

Clydebank College was quick to sign up to open a learning centre in the area for its students from next term, in September.

Gordon Patterson, from Clydebank College, said: “The new site, which will be known as Dumbarton Campus, will cater for up to 150 learners at any one time, delivering courses in hairdressing and make-up, beauty therapy, hospitality and catering, motor mechanics, computing and the internet, in addition to programmes to develop literacy and numeracy skills and specific programmes for medical reception skills, the Princes Trust and Unity Enterprise.”

Jermon Developments, which bought the building for £1m and is spending a further £1.5m to completely renovate it, will also be welcoming Careers Scotland and Dunbritton Housing Association into the 25,000 sq ft building.

Peter Dolan, of Jermon, said: “The redevelopment of the Co-op building, in addition to our purchase and planned total refurbishment and extension of the Artizan Centre, demonstrate our long-term intentions to completely regenerate the town centre of Dumbarton and bring new amenities to the area.

“We’re confident of our investment here and hope to have further leasings to announce in the very near future.”

Remaining within the refurbished building are two ground floor units and a second floor unit of almost 3500 sq ft.

Jermon has an exceptional record in transforming small town centres and the firm was named Northern Ireland’s property developer of the year in 2006.

It bought over Dumbarton’s struggling Artizan Centre in August 2006 and has already invested almost £25m buying the site and laying the groundwork for attracting leading retailers into the High Street.

Jermon has also confirmed that it plans to extend the rear of the Artizan Centre to the Risk Street car park and create three new retail units, with parking to be provided elsewhere.

The units will take up 45,000 sq ft and Jermon says it aims to attract a leading retailer there, as an anchor store to attract shoppers back to the town’s High Street.

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Dungannon fashion aims to beat the recession - Peter Dolan and Jacqueline Dolan

Published Date: 02 December 2008

AS the economic gloom threatens to overshadow Dungannon this Christmas, a handful of designers are determined to bring a bit of colour to the town.
In the week that economic experts predict the downturn could be worse for Northern Ireland, the owners of the Linen Green, Moygashel are urging shoppers not to don sackcloth just yet.
Jermon Developments have unveiled two major new retailers for Nor
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thern Ireland's leading designer village.
New anchor tenant, Bedeck has opened a two storey 11,000 sq ft store and was joined by local luxury shirt maker Smyth and Gibson which opened a 1,000 sq ft store.
Peter Dolan, Managing Director of Jermon hopes that the new stores are evidence that local fashion and house design are recession-proof.
He said, "We're delighted to welcome these new retailers to the new extension at the Linen Green and have no doubt they will be very successful among our shoppers.
"We have great plans for the Linen Green which will help to further its reputation as one of Ireland's leading designer villages, Bedeck and Smyth and Gibson are just two of 20 new retail units planned for the site of the old dye-house.
"We are currently in discussion with a range of retailers interested in coming to the Linen Green, many of which will be new to Northern Ireland."
Gary Irwin, Joint Managing Director of Bedeck which has stores throughout the UK but only one other store locally, on Belfast's Lisburn Road, said, "Bedeck has established itself as one of the UK's most dynamic bed, bath and home accessory companies and this new flagship store represents our commitment to continuing to excite our customers with our extensive range of products & brands.
Also opening its second Northern Ireland store is Smyth and Gibson, which has been hand making luxury shirts in Northern Ireland for more than two decades and currently has a store in Belfast City Centre.
Richard Gibson, founder of Smyth and Gibson, said, "We are thrilled to be able to expand our retail offering across Northern Ireland and believe the Linen Green offers a great central location which attracts a high calibre of shopper who are looking for great quality and design.
The two new stores have created eleven new full and part time jobs (TBC) and will greatly increase the retail offering at the Linen Green. The new Dye House development has also seen designer handbag store, Angelo and footwear store Pavers Staccato open in recent weeks.
Jermon, the NI Commercial Developer of the Year 2007, has completed work on the extension of the unique designer village with the construction of what was the Dye House in former Linen Mill site and has plans to further extend the retail destination.

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All shopped out - Peter Dolan and Jacqueline Dolan

08.12.06
By Richard Heap - propertyweek.com

Are too many retail parks being planned? Richard Heap reports

Christmas shopping in Ireland should be easier than ever this year because the Irish retail market has been in overdrive.

There are now 147 purpose-built shopping centres in the country with more than 16.1m sq ft (1.5m sq m) between them, according to figures from CB Richard Ellis released in October. This figure has tripled from 4.9m sq ft (452,910 sq m) of shopping centre space in 2003.

Even more is on the way. Last month, planning consent was given for the 350,000 sq ft (32,516 sq m) Opera House retail scheme by Regeneration Developments in Limerick. Construction is expected to begin shortly.

But this not the only new retail space in Ireland, and people are becoming nervous. While there are not yet concerns about the amount of shopping centre construction being planned, the same cannot be said of a retail park market that appears to be on steroids.

In Ireland, the amount of retail park space stands at 8.7m sq ft (802,856 sq m), divided between 68 schemes. This is more than four times the 1.99m sq ft (185,000 sq m) there was five years ago.

There is little sign of retail park development slowing down and the total is set to smash through the 10m sq ft (929,023 sq m) barrier by the end of 2007. There is a further 1.1m sq ft (104,657 sq m) under construction in 13 schemes across the country, and another 865,867 sq ft (80,441 sq m) is set to start on site after nine more schemes were given planning permission. Planning applications have been submitted for developments totalling 976,112 sq ft (90,683 sq m).

Peter Dolan, managing director of Irish retail specialist Jermon Developments, says he is worried that the amount of development might hinder rental growth and make existing centres harder to sell on.

‘I have a fear at the moment that they’ve started to do a lot of retail in the provincial towns, putting 200,000 sq ft centres in small towns,’ he says. ‘Can the south sustain such a huge amount of development? I think it’s going to be a bloodbath.’

Paul McCoy, deputy director of research at CB Richard Ellis in Dublin, says there is a real danger that Ireland will end up with too many retail parks, particularly in smaller provincial areas, which don’t have the populations to sustain them.

‘There is evidence of oversupply in the retail market, and we’ll see that more in the provincial market where there is too much supply chasing too little demand,’ he says. The firm’s research also shows that prime yields are now down to around 2.5% this year, compared with 3% in 2005 and 3.5% in 2004.

The Sligo effect

At present Sligo is the most oversupplied county with 8,116 sq ft (754 sq m) of retail park space per 1,000 people living there, according to figures from DTZ Sherry FitzGerald. In the next few years this is set to be overtaken by similarly small areas such as Leitrim and Louth.

Dublin has 2,164 sq ft (201 sq m) retail park and 5,802 sq ft (539 sq m) shopping centre space per 1,000 population, while second city Cork has 1,346 sq ft (125 sq m) and 3,326 sq ft (309 sq m) respectively. ‘It raises the question of whether there’s too much and whether it’s in the right areas,’ says Carmel Murphy, associate director of DTZ Sherry FitzGerald in Dublin.

The problem is compounded by the fact that consumer spending seems to be slowing down. Central Statistics Office figures released in mid-November showed that Ireland’s retail sales fell 0.9% in September compared with the previous month. While retail sales grew 3.9% in September 2006, compared with the previous year, this is down on the 5.1% growth recorded in the year to September 2005.

So while retailers are gearing up for a big Christmas and Irish consumers have more choice than ever, for developers working on retail space, it is difficult to know whether 2007 will be a happy new year.

On the up in county down
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Retail park construction in Northern Ireland is also ambitious. The next development to open is the Outlet, the
£70m first phase of work at Bridgewater Park near Banbridge in County Down.

The 205,000 sq ft (19,045 sq m) scheme was developed by GML Estates, part of the Orana Group, and is due to open at Easter 2007. Armani, Oasis, Marks & Spencer, Nike and Starbucks have taken prelets.

When completed, Bridgewater Park is expected to provide 800 shops with 432,280 sq ft (40,160 sq m) of retail space as part of a 1.2m sq ft (111,483 sq m) mixed-use redevelopment, on a 100 acre (40 ha) site.

Angus Horner, development director at Orana, says Northern Ireland can cope with increasing retail development because of the growing population. ‘We do think that there is a peace divide, and Northern Ireland is still predicted to be the fastest-growing place in the UK for residential,’ he says.

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Heatons sees big growth in Polish retail parks market - Peter Dolan and Jacqueline Dolan

By Cyril Hardiman - independent.ie
Monday February 12 2007

HEATONS, one of this country's fastest expanding household and clothing retailers, is looking to the Polish market for new growth opportunities.

The group is initially planning to open up three stores in Poland within the next two years and will then evaluate its performance before deciding on further openings.

John O'Neill, the group's chairman and managing director, said Heatons had linked up with Northern Ireland developers Jermon Development, which is planning to construct a number of retail parks in that country.

Jermon is a specialist in retail developments, particularly in Northern Ireland.

It has sought planning permission for a first retail park in Bydgoszcz, a city of 400,000 in the south west of the country, not far from Poznan.

Jermon's Peter Dolan confirmed that the company has retained top UK surveyors Harvey Spack Field to work with it in Poland and is talking to a number of UK retail groups with a view to opening outlets there.

Heatons now operates 53 stores in Ireland, a dozen under the Sports World brand.

Sports World is now gearing up for an Initial Public Offering (IPO) on the London stock market that is expected to value the business at about £2.5bn (€3.7bn).

The group, the UK's largest retailer of sports clothing and accessories, is owned by the reclusive Mike Ashley, who also happens to have a 41pc stake in Heatons, a business he bought into in the past six years ago.

The flotation does not involve the Irish retailer.

Mr O'Neill said, however,that "Heatons and Sports World co-operate very closely, sharing buying power and on licences for Sports World brands that include Donnay, Slazenger and Kangol".

Mr O'Neill owns 12.5pc of Heatons, with the remaining 46.5pc shared between Hubert, Martin and Hugh Heaton, whose father founded the business some 60 year ago.

Mr O'Neill said that the group looked at expanding in Britain, but though that market was "over-shopped", considered opening outlets in the Czech Republic and Slovakia, but has now switched to Poland.

Mr Dolan said that the Bydgoszcz retail park site has been purchased, will cover 70,000 sq ft and is located opposite the existing shopping centre.

Jermon, he added, had plans to build further retail parks in Poznan, Wroclaw, Katowice and Warsaw.

- Cyril Hardiman

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Change in site - Peter Dolan and Jacqueline Dolan

05.03.04
By Christine Eade - propertyweek.com

Tyrone Crystal is undergoing a revamp with the help of local property company Jermon Developments.
Tyrone Crystal is generally on display in the better Northern Ireland airport gift shops. Ulstermen, looking at the long-stemmed glasses, punch bowls, vases and photograph frames, say Tyrone Crystal has the craftsmanship of Waterford, but without the brand awareness.

In which case, awareness has been a long time coming, since county Tyrone in the north west of the province has had a glass industry since the 18th century. The 100,000 sq ft (9,290 sq m) crystal factory stands on a 13 acre (5.3 ha) site on the outskirts of Dungannon. It is this site that is about to undergo its biggest transformation in more than two centuries.

Irlandia, the investment vehicle of the Ryan family (of Ryanair) and former owner of Tyrone Crystal, agreed to a management buyout last year. As a consequence, the newly independent company sought to raise capital by a sale-and-leaseback of its factory and surrounding brownfield land.

Staying close to home

Tyrone looked no further than its own home town and struck a deal with Dungannon-based Jermon Developments. The property company was set up in 1997 by Peter Dolan, the managing director and a former pharmacist, and Chris Morgan, Jermon's general manager and former executive of British Midland Airways.

Although Dolan and Morgan are keeping the nature of the deal a secret, they are voluble on the subject of their plans to develop the surrounding land. While Tyrone Crystal is the anchor tenant, Jermon will develop a 70,000 sq ft (6,500 sq m) craft and retail park and add to that speculative industrial space.

'We want to develop a craft village on the site, and hope to get planning within the next two to three months,' says Dolan. 'Because, even after you take into account the 100,000 sq ft factory, there are still around 10 acres surplus.'

Dolan points out that 60,000 tourists already visit the factory and visitors' centre each year. Now he hopes to add to their experience by attracting jewellery and pottery manufacturers, as well as other local cottage industries to the site. 'There are highly skilled workers in Dungannon, and these skills are relatively well paid,' Dolan says.

His colleague Morgan adds: 'Tyrone Crystal has been a major employer in the area, providing employment for both sides of the community.'

When Tyrone Crystal needed to release equity, Jermon was happy to oblige. Dolan says: 'We are very keen on sale-and-leaseback.'

He believes this concept is also the way forward for retailers in Northern Ireland. Jermon's initial project was the development of Tesco's first purpose-built supermarket. Now both Dolan and Morgan are hoping that Tesco's sale-and-leaseback policy will extend to the province.

It was a stroke of luck for a novice developer to get its first job from the UK's most successful supermarket chain. As Morgan explains: 'It was our first major contract since we set up in 1997. Tesco needed new buildings in Northern Ireland, having just acquired Stewarts [a local chain]. And we gave them their first new building in Northern Ireland – 40,000 sq ft in Dungannon. It was the first of the new, modern concepts at the time.'

Dolan, like many other property developers in Northern Ireland, started with small-scale residential developments with his father, to reinvest the profits of the pharmacy business. Jermon now also uses bank funding. The Dolans wanted to call their development company Termon, after a village in Tyrone, but when they found that another company already had the name, they changed the T to a J.

The Belfast property world first became aware of Jermon in 1999, when it bought Fanum House, a 40,000 sq ft (3,700 sq m) office in Great Victoria Street. Back then, it was known as the AA building, because the motoring organisation had been the tenant for so long.

Today, after its refurbishment, it is fast becoming known as a media centre – its tenants now include Irish radio and television company RTE, Sky and The Irish Times.

Jermon also bought the site next door to Fanum House – an acre of what Dolan says is prime development land for retail and office tenants.

The company is now in talks with tenants about occupying the proposed development, the 85,000 sq ft (7,900 sq m) Meridien Plaza.

Building on strength - Peter Dolan and Jacqueline Dolan

Another Belfast project includes both of Jermon's specialities: the media and sale-and-lease-back.

Sir Anthony O'Reilly's Independent Group, owner of The Belfast Telegraph, has entered into a sale-and-lease-back agreement with the property company. Jermon bought the newspaper's printing and ancillary buildings on Royal Avenue, Belfast, and has leased them back on a 20-year lease.

The development programme now spreads all over the province, with proposals for retail, office and leisure developments.

Comparisons with other innovative developers in the Republic of Ireland are inevitable. And Dolan invites the comparison when he says that he wants to make the CQ House (for Cathedral Quarter) like Dublin's nightlife area. He is looking for a bar operator for the six-storey building that will be completed in July. 'We're confident we can create something like Temple Bar in Dublin,' Dolan says.

Yet another challenge for the developer with such a varied portfolio, it seems.

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Peter Dolan, Managing Director, Jermon Developments - Peter Dolan and Jacqueline Dolan

“MCE played an important role in persuading us of the merits of working with key groups in Belfast and then delivered and participated in all of the meetings and follow-ups. The endorsement and support from every important stakeholder in the city created vital momentum in the winning of our £360m Royal Exchange development. Our relationship with MCE continues and they provide excellent ongoing support for our media, political and public communications”.