NAMA’s foreclosure activity is continuing at a steady pace. Yesterday’s edition to Iris Oifigiuil reveals that the Agency had receivers appointed to three companies last week.
First up, and reported in some detail in last weekend’s Sunday Business Post – not available online without subscription – is Belmayne Ireland Limited, which was behind the north Dublin development famous for its provocative advertising and being launched amid much fanfare with Jamie and Louise Rednapp flown in specially. The original asking prices for the apartments were equally famous, over €600 psf in a sprawling housing estate. What were we thinking?!
The estate was believed to be the first of those under NAMA’s control to be offered on a rent-to-buy basis and it is also understood that some of the Priory Hall evacuees ended up in some of the properties in a move overseen by NAMA. NAMA finally pulled the plug last week and had Anne O’Dwyer and Patrick Brennan of RSM Farrell Grant Sparks appointed receivers on 10th April 2013. The directors of the company are listed as Leo Meenagh (52) and Donal Caulfield (45) who together own the company.
The second two companies to which NAMA had receivers appointed are Precinct Developments Limited and Ardhale Developments Limited. Simon Coyle of Mazars was appointed as receiver to both companies on 11st April 2013.The directors of both companies are Seamus McHale (61) and Sandra McHale (33). The company is owned by Matsack Nominees Limited which is in turn owned by Matsack Trust Limited which is shown as being owned by Liam Quirke. This may not be as clear cut as it looks. Matsack will be familiar to some of you as the buyer of Walford on Shewsbury Road for €58m in 2005 and it has widely been associated with Sean Dunne though ownership has never been publicly established.