Saturday 23 September 2017

Property sales soar at Spencer Dock firm

The prices secured for the properties developed by Spencer Dock Development Company Ltd reflect the buoyant property market in Dublin. Photo: PA
The prices secured for the properties developed by Spencer Dock Development Company Ltd reflect the buoyant property market in Dublin. Photo: PA

Gordon Deegan

Sales of properties associated with the receivership of Treasury Holdings's main Spencer Dock firm have soared five-fold with receivers banking €4.2m from the sale of 11 properties since last July.

The €4.27m realised from the sale of property on behalf of receivers David Hughes and Luke Charleton of EY during the period, compared to sales of €785,093 in the prior six-month period.

The prices secured for the properties developed by Spencer Dock Development Company Ltd reflect the buoyant property market in Dublin.

New documents lodged by the receivers to the Companies Office show that two separate sales have realised over €500,000 each since last July.

The documentation shows that four other properties realised prices of between €400,000 and €500,000.

The costs of the receivership remain high, however, with €2.17m paid out in professional fees between July and January.

Professional fees of €3.07m were paid out in the prior six-month period. Mr Hughes and Mr Charleton were appointed as receivers to various retail units, undeveloped sites and part-developed sites owned by Spencer Dock Development Co on January 25, 2012, by Nama.

The new documents show that the combined professional, management and receiver fees total €9.66m in the four years to the end of January and that included a spend of €2.86m on professional and management fees between July and January last. The spend in the most recent six months includes €2.17m on professional fees and €688,800 on management fees.

The outlay also includes €964,155 on hotel maintenance works. Spencer Dock Development Co was placed in receivership with net liabilities totalling over €401m.

The figures show at the end of four years in receivership, the company had receipts totalling €48.65m that included €4.87m in cash.

Payments made arising from the receivership total €45.14m.

Irish Independent

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