herald

Friday 14 December 2018

Now lawyers' beloved pubs up for sale on NAMA hitlist

TWO pubs where lawyers regularly discussed huge property deals are being sold off by NAMA.

The Legal Eagle and The Chancery Inn are both in the shadow of the Four Courts building, where the nation's biggest legal battles over property were enacted for decades.

Now the two pubs -- much loved by barristers and solicitors -- are just two more falling dominos in the collapsing property game.

The pubs, which were owned by developer Paddy Kelly, are among a new list of 36 properties being put on the market by receivers.



Embattled

The list includes offices, buildings, and sites owned by Mr Kelly and groups of properties owned by embattled developer Sean Dunne.

The NAMA sale also includes other sites owned by Mr Kelly in counties Cork, Cavan, Meath, Wicklow and Kilkenny as well as a number of developments in the UK. It also includes industrial units owned by him.

Sean Dunne's properties being added to the NAMA hitlist include a range of his Dublin properties, including his DCD group headquarters in Merrion Square, as well as Hume House, the office block beside the former Jurys Hotel in Ballsbridge, for which he paid €130m in 2005.

Office blocks at Dublin's Herbert Street and in the Riverside complex on Sir John Rogerson's Quay are also included, as well as the Hollybrook apartments on Brighton Road in Foxrock, apartments in Stillorgan and sites at North Wall Quay, Sandymount and Rathfarnham. NAMA has appointed receiver Grant Thornton to find buyers.

But the former Jurys hotel site, which Mr Dunne bought for €275m in 2005 and which now trades as the D4 Hotel, is not included as these properties were financed with loans from banks that are not part of the portfolio being taken over by NAMA.

Also, the four blocks Dunne purchased at the front of AIB Bank-centre in Ballsbridge are not in NAMA as they were also financed by a foreign bank.

The list brings the total number of properties now offered for sale by NAMA to 887. Huge interest from potential buyers, both here and abroad, has been reported. Since the first list was issued last month, it has recorded 93,000 hits on its website.

NAMA is well advanced in plans to sell a large numbers of properties in London.

aokeeffe@herald.ie

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