Tuesday 30 May 2017

Former Anglo duo flip store for €27m

Pair made over €5m profit in two years with one building despite ailing property market

TWO former Anglo Irish bankers are thought to have recently sold a store occupied by fashion retailer Next on London's Oxford Street for more than £23m (€27m) .

Pat O'Hara and John Daly were previously involved in identifying suitable investments for its private clients, but left the bank to set up their own investment firm, Tyburn Lane Private Equity.

According to the UK Land Registry, they paid £19m for the property at 321/323 Oxford Street in 2008, indicating that they -- or the investors they represent -- have netted a healthy profit of about £4m in just two years.

In 2003, Anglo co-invested in a first commercial property fund, putting in £15m, with a group of private investors stumping up a further £40m through Tyburn.

Anglo then invested a further £15m in a second fund in February 2006, with Tyburn raising an additional £65m from private investors. The aim was to leverage this up to target about £300m of commercial property investments, according to reports at the time.

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IN the Dublin suburb of Ranelagh, AIB board member and chief executive of the DAA Declan Collier will be watching closely to see whether Savills can sell a spacious five-bedroom house in his road that is on the market for £1.25m.

Dating from circa 1905, Annaghdown's distinguishing features are its charming Tudor style façade, bay window, high ceiling rooms and ornate iron fireplaces. The 2,245 sq ft home, which is in the heart of Ranelagh village also features a sun trapping, south-west facing rear garden of approximately 75 feet.

The agents do admit that the property is in need of modernisation and decorating, providing an opportunity for any high flyer to furnish and decorate a stylish, comfortable and outstanding home to their own tastes.

Unusually for this area, it also has off-street parking at the front of the house -- handy for keeping down the insurance premiums on an executive motor.

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Another local resident who may be keeping a keen eye on what the neighbours' houses are fetching is Greenstar chief executive Neil Parkinson, who also lives in Ranelagh.

Agents Vincent Finnegan are selling a recently modernised three-bedroom mid-terrace family home on the road where Parkinson lives in the sought-after suburb. The asking price is currently €900,000.

Built sometime around the year 1900, number 20 Ashfield Road has also recently been restored to very tasteful and modern specifications, indicating that this is something of a trend in this area.

Spanning 1,750 sq ft, it features high ceilings, wooden floors in many rooms, ornate iron fireplaces, built-in wardrobes and a spacious kitchen dining room featuring an island unit that is ideal for entertaining. Outside meanwhile it features a patio and large garden to the rear.

George Wilkin:

Lands at Love Lane,

Bray, Co Wicklow

• In our edition of April 18, 2010, we mentioned that Mr. George Wilkin had purchased the above lands in 2007 and later that year had been refused planning permission to construct 91 apartments on the site.

We have since learned that Mr Wilkin was in September 2008 granted planning permission to build 96 apartments on the site. We are happy to clarify the matter and apologise to Mr Wilkin for our omission.

Sunday Independent

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