Titanic Quarter firm says Belfast Harbour impeding new projects

Titanic Quarter revealed plans to develop Belfast's largest dedicated exhibition centre in March

The firm developing Belfast's Titanic Quarter has accused Belfast Harbour of being an "impediment" to new projects.

The comment is made in the annual accounts of Titanic Island Ltd which controls the group of companies working in Titanic Quarter.

Belfast Harbour ultimately owns the land in the area which is leased to the Titanic companies under a "master agreement."

The Harbour said that it has "helped progress a number of new developments".

The note in the Titanic Island 2014 accounts states that it is having difficulties "advancing new projects with Belfast Harbour under the master agreement".

It describes these difficulties as "the most significant impediment to the group's future progress".

Elsewhere in the accounts it refers to "difficulties... in transacting land sales with Belfast Harbour".

Developments

It also said that the ability to transact with Belfast Harbour is one of the factors that makes it difficult to value its development land.

The accounts do not disclose which projects Titanic Island believes are being affected by Belfast Harbour.

There are a number of Titanic Quarter schemes which have planning permission but on which work has not started, including new film studios and office blocks.

A spokeswoman for the Harbour said: "Both Belfast Harbour and Titanic Quarter Ltd wish to ensure that Titanic Quarter is developed to its full potential and will continue to work towards that common objective.

"During 2015, Belfast Harbour has already helped progress a number of new developments in Titanic Quarter, including a new 65,000 sq ft Titanic Exhibition Centre and a new 84-bedroom boutique hotel."

In November, Ulster Bank sold most of its Titanic Quarter loans to the US hedge fund Davidson Kempner.

Subsequently the chief executive of Titanic Quarter Limited, David Gavaghan, left his post, along with two other senior figures.

The accounts for Titanic Island show a pre-tax loss of £68,000 compared to a loss of £38m in 2013.