Developer Michael O’Flynn gets €200,000 from NAMA
Published 12/11/2012 | 06:29
MICHAEL O’Flynn has emerged as the third developer – along with Sean Mulryan and Joe O’Reilly – who are receiving annual salaries of €200,000 each from NAMA, the Irish Independent can reveal.
Cork developer Mr O'Flynn built the Elysian Tower and Lapps Quay in Cork.
His company has been one of the few to attract private-equity finance over the last few years, working with firms like Westbrook Partners in the UK.
Mr Mulryan of Ballymore Properties remains the largest developer in the State, although most of his property portfolio is centred in the UK and the Czech Republic.
His trophy assets include the site of the new US embassy in the UK and Spitalfields Market in London.
The publicityshy Mr O'Reilly’s main companies are Castlethorn and Chartered Land. His bestknown property is the Dundrum Town Centre.
NAMA has previously said that hiring developers is cheaper than the alternative of hiring property receivers, who will charge anything from €200 per hour to €600 per hour.
The agency argues that the receivers will not be as familiar with the projects as the original developers who, in some cases, have been working on the developments for years.