Thursday 25 May 2017

Bank takes control of Treasury's Wool Store building

Donal O'Donovan

Donal O'Donovan

THE bank formerly known as Anglo Irish Bank has taken control of the Treasury Holdings company behind the Wool Store building in the IFSC.

David Hughes and Luke Charlton of Ernst & Young have been appointed as receivers to Tora Company Ltd by Irish Bank Resolution Corporation (IBRC), the former Anglo.

Tora is controlled by Johnny Ronan's and Richard Barrett's Treasury Holdings, which is locked in a legal battle with state-owned bad-bank NAMA.

Tora is a subsidiary of a second company called Brossbar, which is owned equally by Harry Crosbie and Treasury.

It's part of a portfolio of property assets in the Spencer Dock area bought for development by the same combination of investors.

Tora Ltd in turn controls the Wool Store, a property in the Dublin docklands, alongside Harry Crosbie. The most recent accounts for Tora date back to 2010, and value the property at over €2.7m, down from €3.5m a year earlier.

Development

The semi-derelict cut-stone Wool Store is one of the few original docklands buildings still standing after the decades'-long development of the ISFC.

The building and a large yard have been used for a Christmas market in recent years, and have been earmarked for full refurbishment.

Property agents say that despite the downturn, there is demand from a tenant looking to open a restaurant and indoor market in the property.

Those plans have been on hold since NAMA moved against Treasury Holdings last month.

In January, relations between Treasury and NAMA hit a low when the bad bank appointed receivers to seize control of a slew of Treasury's properties.

The two sides had been locked in talks about debts of around €2bn owed by Mr Ronan's and Mr Barrett's property business.

When the talks broke down, NAMA moved in with receivers, but Treasury has taken a legal challenge to try to overturn the appointments.

That case is not due to be heard until February 21.

Irish Independent

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