Business Irish

Saturday 18 November 2017

Plush £5.2m London flat once owned by bankrupt Ray Grehan is repossessed

One Hyde Park centre of long-running dispute between Grehan and NAMA

Ray Grehan
Ray Grehan
One Hyde Park, picture Laing O'Rourke
Ailish O'Hora

Ailish O'Hora

A PLUSH £5.2m (€6.2m) London pad once owned by bankrupt developer Ray Grehan has been repossessed at London’s most expensive development.

The repossession of the one-bedroom flat, which is the centre of  long-running dispute between Grehan and the National Asset Management Agency and has Harrods as its local shop,  at the Knightsbridge development came as estate agent Strutt and Parker was appointed by the property’s receiver.

It is the first such move at London’s most expensive residential development One Hyde Park.

Mr Grehan bought the flat in 2007 but subsequently sold it to a trust benefiting his family.

However, NAMA, which is pursuing Grehan for debts of €300m, in July forced him to reverse the sale.

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