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Quinlan-owned car park in Mayfair to sell for £150m

NAMA will be among the beneficiaries from the sale of a Derek Quinlan-owned car park in London's affluent Mayfair area for £150m (€171m) to one of the UK's wealthiest telecoms entrepreneurs.

John Caudwell, founder of Phones4U, is believed to be purchasing the Audley Street car park to convert it into a private residence and also a small apartment complex.

Mr Quinlan was part of a consortium that bought the site towards the end of boom, but as part of a debt reduction plan with NAMA and other banks he is now a forced seller.

It is not known what price NAMA paid for the asset, although discounts on London property weren't as deep as those on Irish property.

Ironically, the property is located near the London offices of Anglo Irish Bank, one of Mr Quinlan's key backers. UK reports suggest Mr Caudwell, who is one of Britain's richest people, beat off competition for the site from the Candy Brothers and Grosvenor property group.

The Irish Independent reported recently that a deal to sell Audley Square was expected to close before the end of the year, but at that time the buyer was not known. NAMA declined to comment last night.

Mr Quinlan has been on one of the largest asset disposal programmes of any developer over recent months. The former tax inspector has moved to the UK to oversee the sale of his assets there.

However, the ownership of the Irish Glass Bottle site continues to provide him and NAMA with a financial headache. There are no buyers for the site and apart from a vague plan to house third-level students there, the site is effectively mothballed for now.

Among other Quinlan assets sold so far was The Glebe in Chelsea, west London, which was sold for £75m. A loan was cleared in that case and surplus funds paid to NAMA. A property at 40 Charles Street, Mayfair, sold for £25m. An apartment at the Merrion Hotel was sold for €2m -- it was previously owned by Mr Quinlan and his wife. A property at Old Bond Street, known as the Asprey Building, was sold for £73m, while Knightsbridge Estate was sold for £580m, with a portion of the proceeds going to NAMA. A villa at Cap Ferrat in the Cote D'Azur was also sold.

for €64m, with the proceeds going to Barclays Bank.

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