NAMA developer and Northern Ireland bankrupt, Alastair Jackson and his company, Eassda Ireland Limited, will be pleased with a judgment in the High Court on 6th March 2013, which has just now been published. Judge Murphy ruled that a couple, Joseph and Catherine Corcoran must comply with the terms of a settlement between the developer and the couple in 2009, which will see a house on a Wicklow estate sold to the couple reportedly for an overall total of nearly €2m as long as Eassda completes certain building works on a snag list, some of which like removing paint splashes appearing very minor indeed.
The long-running case concerns No 6 Glenair Manor off Priory Road in Delgany, county Wicklow which was developed by Eassda Ireland Limited in the mid 2000s. You will find homes in the exclusive estate on offer on Daft.ie today for €400,000 and the most recent sale on the Property Price Register appears to be No 5 which sold for €872,246 in October 2010, on the eve of the IMF bailout, but the Corcorans reportedly agreed to pay an eye-watering €1.85m for their home, paying a deposit of €185,000 in 2005, before the property bubble burst. The €1.85m reportedly comprised €500,000 for the site and €1.35m for the construction of the home. Although no financial figures are referred to in the court judgment, it would now appear that the couple must pay the balance when Eassda completes its work.
Eassda has been involved in a range of Irish property developments from the upmarket Moyvalley and New Forest golf resorts to the more downmarket Gleann Riada estate in Longford where NAMA demolished its first property, an apartment block which was part of the large estate, last year. Alastair Jackson from Templepatrick in county Antrim should emerge from bankruptcy in Northern Ireland in May 2013. In September 2011, Eassda Ireland reached a €3.6m tax settlement with the Revenue Commissioners.
There are nine properties on the estate and they are fine five-bedroom homes, but with property down 50% from peak, and possibly 75% looking at the property on the estate advertised on Daft.ie, the couple will not be happy campers.