Douglas Court blow

DOUGLAS Court Shopping Centre, which has sensationally been placed in receivership, is likely to be managed ’as-is’ for some time before being offered for sale — and its likely value is around €30m, according to property sources.

The appointment by Bank of Scotland/Lloyds of receivers KMPG to the asset of the Love family’s Shipton Group and its subsidiary company Douglas Developments Ltd came as a massive second blow to the family business, as its c €90m redeveloped Douglas Village Shopping Centre was shut by floods which wreaked havoc on suburban Douglas at the end of June. The Tesco store reopened there this week, with M&S and others still undertaking repair work.

At one stage, Shipton had ambitious plans and started to acquire sites to effectively join the two shopping centres across the heart of Douglas — through the very centre of the worst flood-affected areas, as it transpires.