Developer Quinlan sells Ballsbridge house for €7m
Developer Derek Quinlan has finally signed a contract to sell his property at 6 Shrewsbury Road, Ballsbridge, Dublin, with a family buying it for around €7m.
Mr Quinlan, who is now living in Switzerland, has had the property for sale for several months and despite several media reports that it had been sold, the contract for sale was only concluded last week.
Mr Quinlan will, on paper, make a killing on the sale as he bought the property in the mid-'90s for just €1.9m.
The proceeds will be used to pay off a mortgage with Bank of Scotland (Ireland) and to pay down other debts with that lender. Very little, if any, of the money is likely to be paying down NAMA debt, which is being tackled separately by Mr Quinlan.
The buyers are described as "low profile'', in a break with tradition for the area where many buyers of homes are embassies.
Mr Quinlan has other properties on Shrewsbury Road which could also be sold off. He also has property at the Merrion Hotel, which is believed to be leased out.
The Shrewsbury Road house is a large five-bedroom semi-detached property with a swimming pool in the garden. While the €7m price tag is very steep for the residential housing market, it is well below the asking price for houses on the road over recent years.
As recently as 2009, one home on the road was priced at €25m. Derrymore, the name of the house, is not the largest on the road, which only has 22 homes, but it does contain office space and a wine cellar.
Mr Quinlan travels back regularly to Dublin and is co-operating fully with NAMA, where he has signed up to an asset disposal programme.