Saturday 17 March 2018

NAMA tight-lipped on Grehan luxury London apartment

Emmet Oliver

NAMA has declined to comment on reports that it has ordered the sale of a luxury apartment owned by developer Ray Grehan at one of London's most exclusive addresses, One Hyde Park.

The agency earlier this year appointed Grant Thornton as a receiver to Mr Grehan's Irish businesses and as an administrator to Mr Grehan's UK businesses.

Mr Grehan, who was co-operating with NAMA before it opted for enforcement action against him, was reported recently to be thinking about filing for bankruptcy in the UK, a step already taken by several Irish developers, including John Fleming and Larry O'Mahony, a business associate of former IRA hunger striker Tom McFeely.

Mr Grehan owns an apartment at the highly sought after One Hyde Park complex developed by the Candy brothers.

The 'Financial Times' reported yesterday that an asking price of £5.6m (€6.5m) was being sought for the apartment, which is said to have a virtual golf simulator and a cinema.

Mr Grehan and his brother Danny were recently hit with judgments by NAMA amounting to almost €300m each. Neither man is able to pay these and Mr Grehan has said his ability to earn a living is being curbed.

The brothers, with addresses at Bateman's Row, Shoreditch, London, and Prince's Park Parade, Hayes, Middlesex, consented to the judgments being entered against them at the Commercial Court by Mr Justice Peter Kelly last week.

Mr Grehan told the Irish Independent that the brothers were "disappointed" at the outcome.

He was also highly critical of NAMA, saying its actions against them were not in the taxpayers' best interest.

"We will have to take it on the chin, pick ourselves up and carry on," he said.

Now that the Grehans have agreed to the massive judgments against them, NAMA can pursue them to take their assets. The bad bank can seize valuable properties and assets they own.

Tensions emerged between NAMA and the Grehans when NAMA wanted to appoint former Bank of Scotland executive Harry Slowey as a non-executive chairman of their firm and they objected.

Irish Independent

Business Newsletter

Read the leading stories from the world of Business.

Also in Business