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Archive for August 5th, 2011

Britain’s Property Week is reporting that NAMA has sold a property in London’s Chelsea area, formerly owned by a consortium that included Derek Quinlan. The property is the 1-acre Jamahiriya School site at Glebe Place (situated south of Kings Road, between Kings Road and Chelsea Embankment in Chelsea in south west central London). The buyer is named as Orion Capital Managers and the purchase price is reported by Property Week to be between GBP 80-90m (€90-105m). The 1-acre site which accommodates a school built in 1912 (now called the Jamahiriya or Libyan school – and pictured here, click on the photo to enlarge) is to be converted into large sized apartments and “villa” houses – the planning approval from the local authority, the Royal Borough of Kensington and Chelsea is here. The consortium vehicle which was the former owner was called Mainstride Limited, a company incorporated in the UK in 2004 and associated with Derek Quinlan. In April 2011, NAMA appointed receivers to property formerly owned by Derek Quinlan. Derek, the former tax-inspector turned property magnate is understood to be a NAMA Top 10 developer, and is now resident inSwitzerland (though apparently still reportedly sighted frequently inLondon).

In late 2010, NAMA was peripherally involved in the sale of another property just around the corner from the one above. NAMA had an interest in 81-99 Kings Road because the property was owned by a consortium which included NAMAed developers, Patricia and Thomas Joyce.

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