Saturday 19 August 2017

Sale agreed for more than €4m on prime seafront site once owned by politician

Ivor Callely
Ivor Callely

A prime development site formerly owned by disgraced Fianna Fáil politician Ivor Callely has gone 'sale agreed' for more than €4m.

The 0.33 hectare site at 59/60 Clontarf Road in Dublin was sold last month in excess of its asking price, it is understood.

The site was bought by a partnership including Mr Callely and three others in 2007 for €10m. However, a receiver was appointed by Investec bank last year, which was owed €8m.

Sold by DTZ Sherry Fitzgerald, planning permission is in place for 15 houses, four apartments and a retail unit.

Planning permission was sought by the receiver, Simon Coyle, and included the demolition of two derelict houses.

The land was sold last month, but contracts have yet to be signed. DTZ Sherry Fitzgerald said it could not comment, but it is understood the land fetched in excess of €4m.

Mr Callely built up a sizeable property portfolio over a period of time, and was linked with 19 properties at one point. They included 59/60 Clontarf Road and a number of houses, mostly across north Dublin.

The Property Price Register, which records the date and price paid for properties sold on the market, shows that three properties linked with Mr Callely's estranged wife Jennifer Foley have been sold in the last two years.

The properties were purchased using loans from AIB and Irish Nationwide. The first property to sell was 4 Castleview Meadows in Swords, Co Dublin, on October 16, 2013 for €187,000. Neighbouring Number 5 was sold the following December for 185,000.

A third property, 1 Brookwood Grove in Artane, was sold last December for €350,000.

The Clontarf Road site is just 5km from the city centre, and has seafront access. Permission had previously been sought for 44 units, but rejected by An Bord Pleanala amid concerns it would result in overdevelopment. Paul Melia

Irish Independent

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