NAMA hasn’t lost any time after the High Court today rejected developer Tom McFeely’s bid to reverse the repossession of his former home at 2 Ailesbury Road – this evening the 5,000 sq ft property on one of Dublin’s best streets is offered for sale by Colliers International with an asking price of €3m. The property had been repossessed by NAMA in August 2012 after a protracted battle including last minute bids by Tom McFeely’s wife, Nina Kessler and son to argue for a delay to the repossession to allow their teenaged son to complete his secondary school education and Leaving Certificate in 2013.
The property was understood to be subject to a €10m mortgage so, on that basis and even if €10m represented a 100% mortgage at the peak, the asking price represents a 70% discount, and the property might accordingly be described as being priced to sell.
The 5,100 sq ft semi-detached property is set over three storeys and is said to require “some refitting and modernization”. The advertisement on MyHome.ie for the property is here.
The 250-odd residents in Priory Hall, the development in Donaghmede, north Dublin remain in Limbo after being forcibly evacuated from their unsafe homes in October 2011.
UPDATE: The Irish Times is reporting that the property has now been sold for €2.5m to an unnamed Irish couple who plan to relocate from the UK. The sale has not yet been registered on the Property Price Register. The Irish Times reports that another €1m will be needed to restore the property to what it calls “proper residential use” which is a curious characterisation – was it not in “proper residential use” before? After all, a family including their teenaged son wanted to remain in the property for another year.
