He might have gotten poor press with the viewing public in Rita O’Reilly’s Prime Time Investigates programme in December 2010 when he was secretly filmed on a helicopter-borne dayout at the races and it seems he took extreme exception Minister Lucinda Creighton speech at the MacGill Summer School which resulted in a defamation action which is set to get a hearing later this year, but it seems that Cork developer Michael O’Flynn is one of the better-faring NAMA Top 10 developers – his loans are understood to be performing and the betting is that he is one of the developers with an agreed NAMA plan.
According to British commercial property portal, CoStar a company in the O’Flynn Construction Holdings group called Tiger Developments, has put three London properties on the market in recent weeks –
(1) 9 Clifford Street in London’s Mayfair, 18th century building used as offices for GBP 18m (€23m)
(2) 130 Jermyn Street off London’s Piccadilly for GBP 45.6m (€57m) yield of 5.9%
(3) 1 George Yard in the City of London for GBP 12m (€15m) yield of 6.15%
Tiger Developments is ultimately owned by the O’Flynn group. It is unclear if the buildings are subject to NAMA loans with CoStar reporting that the proceeds of the 9 Clifford Street sale will be recycled into the company’s development pipeline.
Over the summer, it was reported that NAMA was funding the completion of the O’Flynn Ballincollig Shopping Centre, which is nice of NAMA particularly if elsewhere in the O’Flynn group, sale proceeds arebeing spent on new developments….