Howard Holdings, the London-listed property company with significant interests in Ireland, is looking at ways of restructuring the company because of the negative sentiment in the market towards property firms.

While the most likely course is to take the company private, the other options would be to invite in a number of large investors or link up with another property company.

Howard, 50 per cent owned by the directors, has reported a pre-tax loss of £592,000 sterling (€986,000) compared with a profit of £1.319 million (€2.2m) in the previous year. The slippage was due largely to the fact that none of its new developments had been completed during the financial year. Its main property disposal did not take place until May.

Howard shares, which peaked at 75p last year, are now trading at 35p, valuing the company at £9 million (€15m).

Chief executive Frank Gormley says they were continuing to examine the best way forward for the company, its shareholders and staff in the light of its stock market position and the general property market. The outlook for the company "remains bright".

In spite of the weak share price, the company has just announced a 50/50 joint venture with Fingal County Council to develop a 30-acre business park at Balbriggan, Co Dublin. It could have an end value of close on £100 million (€145m) and will be the first phase of a 200-acre development.

The land is already zoned for development and a planning applicastion is to be lodged shortly for 500,000 sq ft of mixed use including offices, industrial units as well as shops , cafΘs, a gym and other leisure amenities. The promoters say they are anxious to ensure that the business park is a "living environment rather than a dorminory campus".

The development, called Fingal Bay Business Park, will be located on the edge of Balbriggan within walking distance of the town centre and the seaside amenities.

The Taoiseach, Mr Ahern, has welcomed the fact that this is a public-private partnership agreement "that will enhance the enterprise infrastructure in the area."

Mr Cathal Boland, chairman of Fingal Co Council, said that with special tax designation available, the centre of Balbriggan will be transformed over the next 18 months. Besides the newly opened hotel, there are plans for 200,000 sq ft of developments including apartments, shops, a multiplex cinema and restaurants. In the longer term, it is hoped to develop a marina in the harbour area.