Business news

Rural business park announces phase three of major retail development

Posted By:
Ulster Bank

13th Mar 2024

A business park in rural County Tyrone that has become a thriving hub for entrepreneurs and small business owners has announced plans for the development of its third phase as part of a six-figure investment supported by Ulster Bank.


Plasterer-turned-property developer Patrick Hughes began the development of Clonoe Village Business Park in the Tyrone village of the same name back in 2017 with the construction of the first of 20 retail and office units.


Seven years on and the rural business park is home to entrepreneurs of every kind, from barbers and beauticians to legal and financial services, bridal and sportswear brands, a dental hygienist, and even the headquarters of one of the region’s leading engineering firms.


Phase three of the development, which has been granted full planning permission and will begin construction in the spring, will add five new retail and office units to the business park, including a large coffee shop fronting onto the busy Washing Bay Road.

Since the completion of its second phase in 2022, the business park has reported a 100% occupancy rate.

“Our tenants are staying put. It’s a huge endorsement of the facilities,” Patrick said.

“The flow and return of customers is high and we’re seeing heightened demand for rental space. The addition of the new coffee shop unit to the site will help secure the future of the business park and those who operate from within it. It will put us on the map as more of a destination where members of the public can come and spend time, which we hope can be a driver for our tenants’ businesses too.”

Ulster Bank business development manager Mary O’Neill said the development is a showcase of entrepreneurship.

“We’re very much focused on equipping entrepreneurs with the tools and resources they need to help unlock the full potential of their businesses. Part of that is supporting members of the community, like Patrick, whose investment is creating a space where the entrepreneurial spirit can thrive. We look forward to seeing what the future holds for Clonoe Village Business Park and the many businesses that call it home.”

Some might consider Clonoe Village Business Park an unlikely success story, Patrick remarked.

“Every month new enquiries are coming in from business owners looking for space to rent, yet at the time it might not have seemed like the most obvious choice of location. The population of the area is continuing to grow and we’re conveniently located on a busy commuter route. I saw the need and the potential. Importantly, so did Mary at Ulster Bank, someone with great understanding of the local area who has been a real advocate and deeply committed to the success of the development.”

Construction on phase three is expected to commence this spring with an anticipated completion date set for the end of 2025.


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