Archive for October 20th, 2011

The drip-drip of NAMA receiverships continues apace with the agency appointing receivers to two companies last week. The first is Cork-based Fachtna Crowley Construction Limited, a residential developer which focussed on developments in County Cork. Its website is still available and shows its developments as Berryhill (Castlelyons, Cork), The Riverbank (Bandon, Cork), Gleann Alainn (Crossbarry), Lissagroom Meadows (Crossbarry, Cork), Radharc na Spuaice (Ballineen, Cork), Cois na hAbhainn (Dunmanway, Cork), The Spires (Inishannon, Cork), Cluain na Croise (Crossbarry, Cork), Church Hill (Inishannon, Cork), Woodside (Dunderrow, Cork). The company is most associated with Factna Crowley and his father Jerry Crowley. Just an ordinary residential developer whose developments are likely to have declined significantly in value, as far as I can see.

The second receivership, in relation to Conrick Developments Limited, seems to be some cleaning-up of loose ends by NAMA. This is a Paddy Shovlin company whose developments included a 1.5 acre mixed-used scheme at Old Bray Road in Foxrock. NAMA took very robust action against Paddy Shovlin last year and secured a personal liability order in Dublin’s High Court last October 2010. NAMA has since appointed receivers to his property including No 1 King William Street (pictured here) in the City of London which was sold earlier this year, and of course the Beacon South Quarter where NAMA sold 58 apartments to the Cluaid Housing Association last month.

Remember you can see a comprehensive list of Irish foreclosure action by NAMA here and in this regularly updated spreadsheet.


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