Business Irish

Friday 15 November 2019

NAMA seeks to sell off trophy buildings

Properties bought by Dunne and Kelly on offer

Siobhan Creaton and Emmet Oliver

NAMA has moved a step closer to selling properties owned by developers Sean Dunne and Paddy Kelly, by including them on a new list of 36 offices, sites and buildings to be put on the market by receivers.

The list includes Mr Dunne's DCD group headquarters at 67 Merrion Square in Dublin, as well as Hume House, the office block beside the former Jurys Hotel in Ballsbridge, for which he paid €130m in 2005.

Office blocks at Dublin's Herbert Street and in the Riverside complex on Sir John Rogerson's Quay are also included, as well as the Hollybrook apartments on Brighton Road in Foxrock, apartments in Stillorgan and sites at North Wall Quay, Sandymount and Rathfarnham. NAMA has appointed receiver, Grant Thornton to find buyers.

The former Jurys site, which Mr Dunne bought for €275m in 2005 and which now trades as the D4 Hotel, is not included as these properties were financed with loans from banks that are not part of NAMA.

Nor are the four blocks he bought at the front of AIB Bank-centre in Ballsbridge. These were also financed by a foreign-owned bank.

Properties on the list owned by Mr Kelly include two pubs in Dublin, the Chancery and the Legal Eagle near the Four Courts.

NAMA has also put on the for-sale list sites that he owned in Dublin, Cork, Cavan, Meath, Wicklow and Kilkenny as well as a couple of developments in the UK. It also includes units at industrial estates belonging to Mr Kelly.

Yesterday's list brings the total number of properties now offered for sale by NAMA to 887. The agency is reporting huge interest from potential buyers, both in Ireland and abroad. Since the first list was issued last month, it has recorded 93,000 hits on its website as bargain hunters scour the list.

NAMA says 70pc of those who visited the site were from Ireland, 20pc from the UK and the rest were from the US, Canada, Germany, France and Spain.

The list of new properties was published as NAMA gears up to sell a large amount of property in London.

While the agency won't comment, buildings owned by the Menolly Homes group, the property manager Avestus and developer John McCabe are all believed to be facing sale, with proceeds of £250m (€283m) possible. Most of the property is in central London, with much of it near St Paul's.

One of the buildings being sold is Senator House, owned by Avestus -- a property manager run by former colleagues of Derek Quinlan -- in Queen Victoria Street. It has a £77m (€87m) price tag.

While the property is not a NAMA property, it is understood that some of the investors in the scheme have assets with NAMA. The Menolly property is located in Cheapside, near St Paul's Cathedral.

Irish Independent

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