Friday 18 August 2017

Spencer Dock receivers record €40m in sales

Johnny Ronan
Johnny Ronan

Gordon Deegan

The buoyant property market in Dublin resulted in the value of the sale of properties associated with the receivership of Treasury Holdings's main Spencer Dock firm soaring to €40m over a six-month period.

That is according to the latest receivers' extract lodged with the Companies Office, which show that the receivers obtained €36.37m arising from the sale of the Spencer Place development to Johnny Ronan's RGRE last October.

In a deal backed by Colony Capital, RGRE plans to build two new hotels and a student accommodation campus as part of a new one-million-square-foot development in Dublin's docklands.

RGRE expects to create 1,000 jobs on site during the €300m development of the project.

Along with the Ronan sale, the extract shows that the thriving property market in Dublin resulted in the sale of nine separate properties, with prices ranging from €565,000 to €310,000 in the period between July to January.

The costs of the receivership remain high. The total amount paid out in professional, management and receiver fees concerning the five-year long receivership of Treasury Holdings's main Spencer Dock firm now totals €14.69m.

This follows professional, management and receiver fees totalling €2.29m in the latest six-month period of the receivership, from July to January of this year.

David Hughes and Luke Charleton of EY were appointed as receivers to various retail units, undeveloped sites and part-developed sites owned by Spencer Dock Development Co Ltd on January 25, 2012 by Nama.

The documentation shows that Nama received €27.43m from the receivership in the July to January period, principally from the Mr Ronan deal. The total amount paid out to EY in receivership fees now totals €978,009 following €174,121 paid out in the latest six months.

Apart from the Mr Ronan deal an additional €3.67m was realised from the sale of nine properties in six months.

Irish Independent

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