Agents target fixed charge receiverships
A number of leading Irish estate agents are gearing up to take on fixed charge receiverships. Lisney, Savills, CBRE and Colliers are following the lead taken by HWBC, which stole a march by teaming up with Allsops, the UK agency that is a UK market leader in these types of receiverships.
The moves come as the National Asset Management Agency and the state-owned Anglo Irish Bank are in the process of identifying properties that would be suitable for these type of receiverships.
Meanwhile, Allsop Space will launch its catalogue later this week for the first Irish auction of distressed and receivership properties.
An estimated 10 to 15 commercial properties are expected to be included in the catalogue, most of which will be devoted to residential properties. Stephen McCarthy of Allsop Space says that most of the commercial properties will be tenanted retail outlets that are generating investment income.
"I don't think there's an appetite for empty commercial buildings in the current market," he said.
Unlike HWBC, Allsop Space does not provide a fixed charge receivership or LPA service.
"Such a service is suited only where the charge is on a particular asset such as properties and is not suitable for a trading company," explains Angus Potterton, managing director of Savills.
Guy Hollis of CB Richard Ellis says that his firm has provided this service in the UK and it and many of its Irish competitors "have the ability to provide this service if required, and we are on the NAMA Panel as are others".
This type of receivership saves on professional fees by managing the receivership, the property, its sale or leasing. However in many cases they may still appoint another agency to undertake a sale.
Brendan Egan of HWBC says that they are working on a number of assignments but declined to say which ones.