Business

Tribeca landowner’s debt reached £110m last year, accounts show

Loan granted to Project Goat by Luxembourg lender was due to mature at the end of 2023

The derelict North Street Arcade, which lies in the centre of the Tribeca site in Belfast. Inset is Castlebrooke's Neil Young and Revcap's Andrew Pettit (right).
The derelict North Street Arcade, which lies in the centre of the Tribeca site in Belfast. Inset is Castlebrooke's Neil Young (left) and Revcap's Andrew Pettit (right).
By Ryan McAleer

The total debt accrued by the owner of the Tribeca properties in Belfast city centre reached almost £110 million last year, accounts published by Companies House suggest.

Separate documents published in Luxembourg indicate a £40m loan granted to the developer in 2016 was due to mature at the end of December 2023.

Project Goat Limited is the legal owner of at least 30 properties and parcels of land in the Royal Avenue, Donegall Street, North Street and Rosemary Street areas.

The 12-acre site has been promoted as a major multi-use office, residential and retail regeneration scheme by Castlebrooke Investments since it was acquired in 2016.

Project Goat, which is owned by Castlebrooke founder Neil Young and London private equity business Revcap Advisors, has secured planning approval for around 40 applications since 2019.

Despite virtually no development work progressing within the Tribeca Belfast scheme, Project Goat earlier this month applied to renew planning permission on four applications which had lapsed at the start of March.

Planning permission in Northern Ireland normally expires after five years if no work has started.

The latest financial report for Project Goat Limited was published by Companies House on Monday.

The accounts, which cover the 12 months ending June 20 2023, were signed off by Neil Young on Friday.

It states the amount owed to creditors increased to £109.3m last year, an annual increase of £18m on the 2022 accounts.

The debt is comprised of £39.4m in loans and almost £70m in ‘accruals’.

The Tribeca scheme largely centres on 10 acres of property in the North Street and Donegall Street area of Belfast. Picture by Hugh Russell.
The Tribeca scheme largely centres on 12 acres of property in the North Street and Donegall Street area of Belfast. Picture by Hugh Russell.

It means the amount Project Goat owed to its creditors increased by around £1.5m per month in the year to June 30 2023.

According to the financial report, Project Goat held assets valued at £34.5m last year.

It is not stated whether the assets relate to the value of the Tribeca property portfolio.

But the company’s borrowing has largely been underwritten by around 30 properties located within the Tribeca boundary.

The incremental debt left the company with a shareholders’ deficit of £74.8m at the end of last June.

Companies House does not detail any action taken by Project Goat’s lenders to recover its funds.

Official documents confirm an overlap between the ownership of Project Goat and the lenders involved.

Revcap co-founder Andrew Pettit is listed as a director of both the Jersey registered Sparrowhawk Properties 606 Limited and Luxembourg registered SHIV IV Lending 802 Sarl.

Companies House shows both entities have entered finance arrangements with Project Goat.

Mr Pettit, who is also the co-owner of English league two side Grimsby Town FC, is also listed as a director of Project Goat.

Accounts published in Luxembourg by SHIV IV Lending 802 Sarl states that a loan facility was granted to Project Goat in December 2016 for a maximum of £39.9m.

It states that the loan was due to mature on December 31 2023, bearing an interest at 18% per annum.

The same document reveals that by the end of June 2022, Project Goat had drawn down £38.97m, including £1.38m in the year to June 2022.