Newry Spud can exclusively report this afternoon that Newry’s iconic Town Hall sadly looks to be sold to a Chinese investment conglomerate that plan to develop the site into a luxury apartment complex.
A council ‘whistle-blower’ who wishes to remain anonymous told Newry Spud:
“The sale is more or less a done deal. Initial bids were sky high until the Chinese investors visited Newry and saw the area in which they were pumping money into. After their visit they cut the bid from £38.4 Million pound to £1.2 Million which the council unbelievable accepted.”
We have documents that prove the council have been shopping the old building around both Europe and Asia now for several months with no buyers interested because the building lacks ‘developmental potential’.
Our source also told us:
“My understanding is that they will close it very shortly and develop it into upwards of 120 apartment units” she said.
“They were initially resistant because even people from China are aware it’s hard work living in Newry, but ultimately it was the price point that got the deal over the line. That, and the fact that it’s only around the corner from Ken’s Chinese.”