Developer 'confident' over Olympian surge in London
ONE of Tom McFeely's companies is building an apartment complex near the Olympic village in London and surging property prices there may give his company a major boost, the Irish Independent has learned.
Mr McFeely and his extended family own a firm called Inis Developments Ltd, a contractor building an apartment complex in Stratford, London, near the Olympic site, according to files in the UK companies office.
While this company lost almost £1m in 2010, Mr McFeely and the directors are confident that the Olympics will bolster interest in the apartments on High Street in Stratford, which are due to go on the market soon. If buyers come forward, the company will be able to repay all its bank loans and potentially make a profit.
However, the UK firm has not escaped the problems in Mr McFeely's companies back in Ireland. According to accounts for Inis, Mr McFeely's Irish company Coalport owes the UK firm €7.4m and there is no certainty that the Irish company will be able to make good on this.
Accounts for the UK company show that Mr McFeely's attempts to turn a profit on the UK apartment work is proving difficult.
"Due to the current economic climate it is questionable if the project will obtain sufficient funds to repay the bank loans taken out,'' the accounts state.
Inis is described as the main contractor on the site and has funded the development. Once the apartments are sold Inis will be paid, the accounts explain.
The UK interests of Mr McFeely are extensive and several companies have been registered -- the directors often include Mr McFeely and other family members. The UK company Inis, for example, had sales of €13.7m in 2009 and was still able to post sales of €8.9m in 2010 despite the downturn.
Many other Irish developers are active in the area, including Sean Mulryan, the man behind the Ballymore property group.