Business Irish

Tuesday 16 January 2018

Former Gannon properties sell for nearly €6m at auction in UK

Shane Hickey in London

A RAFT of properties formerly owned by developer Gerry Gannon have been sold for close to €6m in the UK.

More than 20 commercial properties that used to form part of the businessman's empire go under the hammer this week.

Mr Gannon, a low-profile developer who is known by his trademark fedora hat, is alleged to be one of the ten investors involved in the so-called 'Maple 10' transaction with Anglo Irish Bank.

Two auctions so far this week in London have seen 18 of his former commercial properties offered for sale, but due to what commentators say is wider economic uncertainty, nine did not sell and two were withdrawn.

Mr Gannon became known to the public through an RTE 'Primetime' documentary in which he was filmed shopping with his wife and loading their high-end car with Brown Thomas bags.

In August, it emerged that NAMA had sold €121m worth of UK properties which were previously owned by Mr Gannon to two British property companies.

On Monday and Tuesday, seven commercial properties in locations throughout England - including West Sussex, Stratford and Northampton amongst others - went for £4,862,500 (€5,985,970).

In London's Mayfair yesterday, another auction saw a bank building in Bury, near Manchester, fail to reach its guide price of £425,000 (€523,000) .

Today, auctioneers Acuitus will off another three properties formerly owned by Mr Gannon -- a multi-storey car park in Hertfordshire and two retail units in Surrey -- for sale with guide prices totalling £1.29m (€1.58m). Bank

Earlier this month, three former Anglo Irish Bank executives -- Sean Fitzpatrick, Willie McAteer and Patrick Whelan -- were returned for trial in relation to financial irregularities at the bank.

They are to go on trial accused of breaches of the Companies Act relating to the purchase of shares in the institution.

The charges relate to loans allegedly given by Anglo to a group of customers dubbed the Maple 10 and the five children of businessman Sean Quinn to buy shares in the bank.

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