Business

Sunday 4 December 2016

Nama man sold D4 plot to Ronan

Lawyer Laurence Shields, whose firm is among those on a panel to do legal work for Nama, sold a Burlington Road site to developer Johnny Ronan

Published 25/04/2010 | 05:00

A solicitor whose firm is among those on a panel selected to do legal work for Nama sold a plot of land to leading developer and Treasury Holdings co-founder Johnny Ronan, whose loans have been among the first €16bn tranche of loans transferred to the agency.

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Laurence Shields, chairman and founder of LK Shields, sold a small plot of land at 30 Burlington Road to the developer in 2003. Mr Shields and his wife are the directors of Oakshield Ltd, a small property management and investment company, through which the deal was done.

The solicitor also benefited from property-related tax breaks during the boom, according to new information that has just come to light.

Along with Riverdance producers Moya Doherty and John Colgan, he is named as an investor in two tax break schemes run by Davy Stockbrokers which were related to the sites of the Jurys Hotel on the corner of Moore St and Parnell St, and of the Gresham Hotel in central Dublin.

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LEGAL eagles Liam Quirke, managing partner at Matheson Ormsby Prentice and Grainne Hennessy, a partner at Arthur Cox, have upset residents in Greenfield Crescent, a cul-de-sac close to RTE in D4, with their plans to knock down a house there and build another one.

While intending to reduce their daily commute by building a house there "to the highest standards of energy use and with the lowest environmental footprint", the owners of the house next door complained that it would overshadow their home, reducing its sunlight exposure and reducing their privacy.

In nearby Marlborough Road, meanwhile, Cormac Kissane, a senior partner at law firm Arthur Cox is also seeking to reduce the stresses and strains of the daily commute.

He has just been granted permission to knock down a shed there and replace it with a two-storey one featuring a home office on the ground floor and a workshop on the floor above.

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MERRION Pharmaceuticals CEO John Lynch and RTE comedian, impressionist and writer Risteard Cooper won't be pleased to see that a house in their road has plummeted in value by 58 per cent in the past three years.

Number 31 Windsor Road in Rathmines is a terraced redbrick Victorian house with four bedrooms and mature gardens outside.

It sold for €2.25m in 2007 and is now on the market for €950,000. At that rate its value has fallen by almost €1,200 every single day.

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WHETHER further volcano eruptions will bolster the market for mobile homes in resorts like Brittas Bay remains to be seen, but there are several for sale at the moment at the renowned seaside spot.

In 2004 and 2005, those at Ballinacarrig Bay were fetching about €150,000. At the moment, however, the most expensive one for sale -- a sturdy and relatively luxurious three-bedder spanning 710 sq ft -- is €160,000.

The asking price for a less salubrious three-bedroom one at The Dunes is a more modest €120,000, while an ordinary-design one at the more exclusive location of Jack's Hole, also with three bedrooms, is currently on the market for €95,000.

Annual management fees for one of these boltholes can be as much as €10,000, however -- which would pay for at least a couple of family holidays at a foreign resort where the sun is guaranteed to shine.

Sunday Independent

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