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Fire-risk luxury apartment block set for e10m sale

A DEAL is close for the €10m sale of a luxury apartment block in Dublin that was evacuated because of fire-safety concerns.

The sale price for the scheme in Dundrum, Dublin 14, is understood to be well below what would be achieved if the 80 units were sold individually – an estimated €18m.

 

prohibitive

Some 130 people were forced to leave The Laurels development in Dundrum last July after it was discovered it did not meet safety standards.

The receivers, KPMG, subsequently confirmed the cost of repairing the building would be prohibitive and decided to put it on the market.

KPMG has been acting on behalf of Bank of Scotland Ireland.

The apartments were developed by a syndicate led by developers Tuskar Property Holdings and most of the units were let out.

Tenants had originally been told they would be moved back after three months.

KPMG had also said it had secured more than €1m in funding to bring the building up to standard.

But the cost of repair was estimated to be well in excess of this sum and tenants were informed they would not be able to move back.

Insolvency practitioners were appointed to companies associated with Tuskar.

 

statement

In 2010, Bank of Scotland Ireland appointed KPMG's Kieran Wallace as receiver to the firm which controlled The Laurels.

The complex, which overlooks Dundrum Town Centre, was built by Pierce Construction for Tuskar in 2007.

In a statement last year, KPMG said: "When they looked into, it was considerably more than they had anticipated."

comurphy@herald.ie


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