Sale close to being agreed on Quinlan's property
Published 07/12/2010 | 05:00
A sale of property developer Derek Quinlan's Ballsbridge, Dublin, house is close to being agreed, but the house remains on the market with a guide price of about €7.5m, the Irish Independent understands.
Any sale of 6 Shrewsbury Road is not expected to happen before Christmas, despite weekend reports suggesting it had been sold after just two months on the open market.
Mr Quinlan is in the middle of a major asset-disposal programme, with assets for sale in Ireland, the UK, the US and continental Europe.
NAMA is just one of Mr Quinlan's lenders pushing for assets sales. It is understood the mortgage on the Shrewsbury Road property is with Bank of Scotland (Ireland).
While the value of the home has plummeted from prices achieved in the last years of the boom, Mr Quinlan is not in negative equity on the property and will use the proceeds to reduce his overall bank debt.
Mr Quinlan, now living in Switzerland, owns other properties in the Ailesbury Road/Shrewsbury Road area and these are expected to be put up for sale, too.
Mr Quinlan is described by NAMA sources as being co-operative on selling down assets and one of his assets in Mayfair is likely to return a substantial profit for NAMA once it is sold.
NAMA bought the loan behind the Mayfair property from Anglo Irish Bank and such was the discount the state agency will record a windfall.