Thursday 21 September 2017

NIB sends in the receivers to Israeli Embassy building

Tom Lyons

Denmark has invaded Israeli territory without a shot being fired. Danish-owned National Irish Bank, which is soon to be rebranded as its parent Danske Bank, has appointed receivers to Ballsbridge's Carrisbrook House, which is best known for housing the Israeli embassy.

The distinctive 42-year-old hexagonal office block was bought by deal-hungry builder Bernard McNamara and his partners Gerry O'Reilly and David Courtney at the peak of the property bubble in January 2007.

The most recent accounts for Mazarone Ltd -- the company that owns the office block -- shows that it had borrowings of €55m in May 2011. PwC, the accountants, have been installed as receivers by Danske for the block which is plonked in the middle of ground zero of Ireland's property collapse.

Across the street from the office is the old Jurys site where Sean Dunne blew his fortune buying land at over €50m an acre. Carrisbrook was among the unluckiest of deals for the McNamara-led consortium.

Other than the Israeli Embassy, seven of the building's eight floors have been unoccupied for about five years. State agency Forfas also rues the day it got involved in the building where it's been locked into a 65-year lease since 1969.

Yes, 1969 -- the year man first walked on the moon.

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