Irish investors selling €1.6bn of UK property
Irish investors and banks are expected to sell more than £1.37bn (€1.67bn) of property in the UK this year. Some of the sales may have been brought forward following leaks about the capital gains tax increases, in yesterday's British budget, The recent strengthening of sterling against the euro has also proved a spur.
Irish property investment specialist Avestus has already got sales of €630m worth of property in addition to at least one sale last year. Last week, they exchanged contracts with Saudi investor Olayan for The Estate in Knightsbridge in London's West End for £580m (€694m).
It also recently sold an upmarket fashion shop, 27 Old Bond St, for around £50m (€58m) to an associate of the Chanel fashion chain. Avestus, then known as Quinlan Private, bought the DKNY store for around £21m (€25m) before 2005.
In February, Ballymore Properties sold 1 Snowhill office building to Commerz Real Investmentgesellschaft for £126m (€145.4m)
Investment guru Kevin Warren only recently started marketing the Goldman Sachs office block on Fleet Street in London. Warren's consortium, which includes Larry Goodman and Stephen Vernon, is hoping to gross £300m (€360m) for the sale of the building known as River Court, which they bought 10 years ago for £246.5m.
Meanwhile, Cosgrave Brothers are expected to gross up to €230m from the sale of shops at Oxford Street and Hills Place in London's West End. The Cosgraves paid £43.7m (€52.3m) in April 2008 for the 1.1-acre island site at 215-219 Oxford Street.
Sligo-based Ray and Eileen Monaghan are hoping to raise £40m (€47.3m). from the sale of their investment at 160 New Bond Street, London, which is leased to Louis Vuitton. They bought it two years ago for around £28.5m (€34.1m). Ms Monaghan is a daughter of hotel developer, the late PV Doyle.
Meanwhile, Irish investment house Signature Capital is hoping to sell Direct Line House, at 10-15 Livery Street, in Birmingham for around £23.6m (€27m.).
Anglo Irish Bank is expected to settle for the £90m (€104m) price it paid in 2004 when it sells a 18,850sqm office building at 1 Colmore Square, Birmingham.